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ECB minutes highlight growth concerns and wider differences at the last meeting
When reading today’s minutes of the ECB’s September meeting one should not forget that, before being released, these minutes go through a long process of editing at the ECB and at national central banks. Therefore it cannot always be excluded that some messages are put in a slightly different light, already trying to prepare markets for the next meeting. Recall that the initial market reaction to the ECB’s September decision was dovish. We also had the initial impression that the September hike and the dovish communication was actually marking the end of the ECB’s hiking cycle. With oil price developments ... (full story)