Also ICYMI, the overnight from the ECB:
- ECB raises key rates by 50 bps in December monetary policy decision, as expected
- ECB's Lagarde opening statement: A recession would be relatively shallow
- Lagarde Q&A: We should expect to hike at 50 bps pace for a period of time
- ECB sources: More than one-third of ECB officials wanted to hike by 75 bps
- ECBs Lagarde offered back to back 50 bp hikes to secure majority
JP Morgan noted the hardening hawk tone and jacked up their expected peak rate for the ECB to 3.25% from their previously expected 2.5%.
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The ECB provides a handy TL;DR guide to the statement issued on Thursday:
