After a failed attempt last week, European Central Bank President Christine Lagarde reiterated her opposition to market bets on an interest rate hike in 2022.

“In our forward guidance on interest rates, we have clearly articulated the three conditions that need to be satisfied before rates will start to rise,” Lagarde said Wednesday in a speech in Lisbon.

“Despite the current inflation surge, the outlook for inflation over the medium term remains subdued, and thus these three conditions are very unlikely to be satisfied next year,” she said.

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Lagarde used the press conference following the most recent Governing Council meeting to argue that market expectations for a rate hike are inconsistent with the ECB's own analysis and forward guidance. But she stopped short of saying markets are wrong, reflecting Council consensus that such a move could backfire.

Bank of France Governor Francois Villeroy de Galhau echoed that sentiment at a panel discussion on Wednesday, saying “we’re assured” that the current inflation spike is temporary, judging by previous economic recoveries.