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The 25bp rate hike was pretty much a done deal prior to the meeting. So, the main question we, markets, and reporters had for Lagarde today was: “What’s next?” The ECB president did not answer that question explicitly, but that was to be expected. On balance, the statement was neutral. The ECB’s new “robustness check” supports our call for a follow-up hike in September.
Marketing communication / Non-Independent Research. This publication is issued by Coöperatieve Rabobank U.A., registered in Amsterdam, and/or any one or more of its affiliates and related bodies corporate (jointly and individually: “Rabobank”). Coöperatieve Rabobank U.A. is authorised and regulated by De Nederlandsche Bank and the Netherlands Authority for the Financial Markets. Read more
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