Morning Bid: With euro zone inflation running above 5%, money markets had already been betting the ECB would wake up, smell the coffee and possibly signal when it might follow the U.S. Federal Reserve and the Bank of England in tightening policy
With euro zone inflation running above 5%, money markets had already been betting the ECB would wake up, smell the coffee and possibly signal when it might follow the U.S. Federal Reserve and the Bank of England in tightening policy.But by opening the door to a rate hike in 2022, President Christine Lagarde unleashed a massive readjustment, with German 10-year government yields seeing their biggest jump since the March 2020 COVID-19 crash.
Quick take? Well, with the ECB also now on board to tighten policy, this looks like a new financial markets cycle.
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