The ECB lifted its three key policy rates by 25bps each, most notably its deposit facility rate to 3.75%, at today’s decision. This was universally expected as none among the 60+ economists surveyed by Bloomberg saw other than a 25bps move and the market had the full quarter-point hike locked in. ECB officials followed through on their guidance that a July hike was needed and would happen and, in line with comments ahead of the decision, today’s statement showed no clear bias in favour of hiking or holding at the September gathering. Lagarde said at the presser, however, that she would not say that at this time they ... (full story)