- Cannot exclude a further hike but we are data driven
- Keeping rates at terminal level 'might be six months or a year' depends on the data
- We are definitely close to the end of interest rate hikes
Lagarde essentially promised a July rate hike but the market is only pricing it at 70%. The ECB sources leaks suggest the real debate will be in September but the market has repeatedly hinted that July isn't a sure thing and Sept is around 55% for another hike.