If the June policy announcement and subsequent official comments are anything to go by, ECB tightening is not over yet. The market consensus is for yet another 25 basis point increase on Thursday that would put the deposit rate at 3.75 percent, matching its October 2000 record high, the refi rate at 4.25 percent and the rate on the marginal lending facility at 4.50 percent. It would also boost the cumulative tightening to an unprecedented 425 basis points in just a year. That said, with the likes of even Dutch central bank President Klaas Knot, an arch-hawk on the Governing Council (GC), now suggesting that ... (full story)