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“We are not seeing a transmission from wages to inflation yet,” European Central Bank President Christine Lagarde said during a panel discussion at the World Economic Forum on Friday.

“We’re seeing inflation moving a teeny, tiny little bit but this is really minor,” Lagarde added, per Reuters. “It would take much higher numbers to actually change the picture fundamentally.”

Market reaction

The EUR/USD pair’s reaction to these comments was largely muted and it was last seen trading at 1.1038, down 0.13% on a daily basis.