ECB's Muller: The focus needs to be on fighting high inflation

  • ECB policymakers continue to talk up a big game ahead of the summer decision

They're mainly just hammering home the point that a July rate hike is coming and that such a decision by the central bank is one that is vindicated and justified - at least in their view. The market is already well on board with the message for the time being at least.

Money markets are now pricing in roughly a 52% odds of a 50bps rate hike in July, that is up from 44% odds yesterday.

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