Lagarde Set to Speak on Rate Hike at French Apple Festival

European Central Bank President Christine Lagarde is scheduled to speak at the Fête de la Pomme in Épreville-en-Lieuvin, Normandy, France on Saturday. This comes less than 48 hours after the ECB raised its key interest rate by 25 basis points on September 10.

Inflation remains above target levels, and Lagarde is likely to defend the recent rate hike and reaffirm her commitment to taming inflation during her speech.

The central bank has described current inflationary pressures as a 'supply-side shock', meaning that prices are being driven up primarily by rising costs on the supply side, rather than overheating demand.