- ECB should avoid hard triggers based on spreads for anti-fragmentation tool
- Comfortable with a 50 bps rate hike in September
- 200 bps worth of rate hikes are needed "relatively fast"
- Inflation is at risk of moving to a higher regime
In case you missed it, the ECB is pretty much likely to go with a "QE but not QE" option though there will be controversy surely when it is all about backstopping Italy at the expense of others.
