Rubio: Slight Progress on Iran

PAKISTAN'S FOREIGN MINISTRY SPOX: CHINA AND PAKISTAN PRESENT AN INITIATIVE TO END THE WAR

#ECB PRESIDENT LAGARDE SPEAKS IN PRESS CONFERENCE IN CYPRUS - BBG *LAGARDE: ECB FIRMLY COMMITTED TO PRICE STABILITY *LAGARDE: LONG-TERM INFLATION EXPECTATIONS BROADLY WELL ANCHORED *LAGARDE: PARTICULARLY ATTENTIVE TO POTENTIAL 2ND ROUND EFFECTS Lagarde: Long-term inflation expectations well anchored European Central Bank (ECB) President Christine Lagarde said on Friday that the energy crisis provoked by the war in Iran continues to push inflation up and weigh down on the economy, but that long-term inflation expectations remain well anchored. Meanwhile, medium-term effects will depend on the intensity and duration of the energy price shock and its indirect impact, as well as any second-round effects. Lagarde reiterated that the ECB is committed to ensuring inflation stabilizes at the 2% target in the medium term, but declined to provide any indications of the probability of a rate hike at the next meeting in June. She repeated that any fiscal measures to lessen the impact of the crisis should be "temporary, targeted and tailored" and warned that they would otherwise have a negative effect.