European Central Bank President Christine Lagarde pushed back Monday against the idea that the institution's June 11 interest-rate increase was merely a precautionary measure. Speaking at the ECB's annual conference in Sintra, Portugal, she argued the quarter-point rise to 2.25% was essential to keep inflation from staying above the 2% target until 2028. Euro-area annual inflation stood at 3.2% in May. Lagarde noted that better forecasting now allows the bank to make smaller adjustments rather than the large hikes used after Russia's gas cutoff. The ECB's next rate-setting meetings are scheduled for July 22-23 and September 9-10.