In considering what this week’s meeting of the European Central Bank Governing Council will bring, we start from the observations that a 50bp hike this week across the board is probably a given despite the Silicon Valley Bank insolvency, putting the spotlight on the post-March policy outlook, and that the Council is showing signs of increasing polarisation. Whilst one could find opposing views even during the early days of the hiking cycle, the lines have now become more clearly drawn than at any previous point. A few dovish Council members have flouted a seldom-violated convention by publicly expressing resentment ... (full story)