Minutes from the latest ECB meeting have just been released, but did not trigger any major moves on markets.
Key takeaways:
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ECB now needed to show equal determination when inflation was above the target, countering far too high inflation and preventing it from becoming entrenched, irrespective of a deteriorating outlook.These developments raised the prospect of inflation becoming entrenched.
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The view was widely shared that the inflation outlook continued to worsen.
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A decline in economic activity would not be sufficient to significantly reduce inflation.
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Wage growth was accelerating, it could still be considered moderate.
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GC should continue normalizing and tightening monetary policy, although it might want to pause if there was an extended and deep recession.
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A 75 basis points hike was supported by a very large majority.
EURUSD barely reacted to ECB Minutes release. The main currency pair is currently testing a short-term support zone in the 1.0400 area. Source: xStation
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