ECB's Lagarde: Still a long way to go on defeating inflation

European Central Bank President Christine Lagarde noted on Friday that despite recent progress, the ECB still has plenty of work ahead of it. According to the head of the ECB, President Lagarde noted that follow-up rate cuts to this week's reference rate trim may not be forthcoming as soon as investors had hoped.

Key highlights

The path to 2% won't be entirely smooth ride.

There's still a long way to go until inflation is defeated.

We've made major progress, but the inflation fight is not over.

The ECB still needs to have a foot on the brake for a while.

The ECB still needs vigilance, commitment, perseverance.