The European Central Bank, understandably nervous about the first increase in official borrowing costs in 11 years, is glad to dispel the notion that quantitative tightening is anywhere close at hand, but informal discussion of the subject may have already started, Econostream understands. ECB President Christine Lagarde was probably glad at the press conference following last week’s Governing Council meeting that the only question on QT was framed in terms of the ECB’s policy of reinvesting maturing assets. Asked whether the continued adherence to this policy remained appropriate as the ECB embarked on a hiking ... (full story)