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Hawkish pivot by the ECB
During the press conference, ECB president Christine Lagarde confirmed our takeaway from the announced policy decisions: a rate hike by 50bp, a strong determination to continue hiking interest rates on the back of strong upwardly-revised inflation forecasts, the explicit willingness to enter and stay in restrictive territory and the start of quantitative tightening. Hawkish pivot While other major central banks have started to prepare for the end of their hiking cycles, the ECB is giving the impression that it has just got started. The phrase that “interest rates will still have to rise significantly at a steady ... (full story)
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