The European Central Bank does not yet have sufficient data that the inflationary threat has passedits president, Christine Lagarde, clarified on Wednesday, raising expectations that officials will take a break from interest rate cuts this month.

With the eurozone labor market remaining strong, the ECB has time to assess incoming information, Lagarde said from Sintra, Portugal, where she is for the ECB’s annual central bank forum.

“We still face several uncertainties about future inflation, especially in terms of how the relationship between earnings, wages and productivity will evolve and whether the economy will be hit by new supply-side shocks,” commented the head of the ECB. “It will take time to gather sufficient evidence to be confident that the risks to above-target inflation have passed.”

These comments indicate a preference for keeping borrowing costs unchanged at the ECB’s meeting this month.

Since June’s initial rate cut, investors have been watching Lagarde for clues about how quickly the next moves will be made and whether the political drama at home will affect monetary policy in any way.

The Bank for International Settlements warned on Sunday that central banks should be careful not to cut interest rates too quickly, to avoid a resurgence of inflation.

Lagarde agrees: “our work is not done,” she said. “We must remain vigilant” he pointed out.