At its policy announcement this morning, the ECB delivered a widely-expected 75bps increase to its three key policy rates. The statement, however, removed the reference to rate hikes continuing at the next “several” meetings. Like the Bank of Canada (BoC) yesterday, the ECB painted a picture of elevated inflation with growing core inflation drivers alongside a rapidly decelerating economic backdrop. Although the ECB chief did bring back the “several” guidance at the Q&A, its omission in the official written communications does signal that policymakers are casting inquisitive glances at the exits. Overall, the ... (full story)