On Wednesday, June 29, Federal Reserve Chairman Powell, European Central Bank President Christine Lagarde, and Bank of England Governor Bailey gathered at the European Central Bank's annual monetary policy forum in Sintra, Portugal, and unanimously stated that curbing inflation is the top priority at this stage.

They said in unison that curbing inflation is the top priority during this period, and a larger rate hike in the summer meeting is not ruled out. Fed Powell said that the U.S. economy can cope with this tightening policy , and the purpose of rapid rate hikes is to slow growth and balance supply and demand, but also admitted that a soft landing cannot be guaranteed. The Bank of England's Bailey said stronger action could be taken if there were signs that continued price increases were a problem. ECB Lagarde also said she was ready to take decisive action if necessary.

Powell said that there is no guarantee of a soft landing in the US, the Fed will not allow transition from low to high inflation environment.Powell reiterated his long-standing view that the U.S. economy is strong enough to deal with tightening monetary policy, households and businesses are financially healthy and the labor market is very strong and a recession should be avoided.

Bank of England Bailey indicate that will not rule out raising interest rates by 50 basis points at the next meeting, the primary goal is to bring inflation back to low levels. And he also said that the Bank of England could choose to take stronger action on inflation, not ruling out a 50 basis point rate hike at a policy meeting in a month's time, provided that if there are persistent signs that price increases are a question.

ECB Lagarde: The era of ultra-low inflation before the epidemic will not return, if necessary, be ready to take decisive action. And the main remarks of European Central Bank President Lagarde's  today are warning that the era of ultra-low inflation before the epidemic is unlikely to return, and we can't go back. She echoed Bailey's assertion that the energy shock had a significant impact on inflation, and suggested that central banks adjust to significantly higher price growth expectations.