ECB Hikes 50bps As Expected, Issues Dovish Forward Guidance, Unveils Climate QE

In a mirror image of the dovish BOE earlier this morning, which hiked 50bps but signaled that its tightening cycle may well be over sending sterling and gilt yields sliding, moments ago the ECB, which continues to believe erroneously that if only it can crash the European economy it will somehow have control over Russian commodity prices, hiked interest rates by 50bps, as expected.

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