• We are close to the end of the tightening cycle
  • But cannot say how many more rate hikes are still needed
  • Unless something changes drastically, rate hikes will be over in 2023
  • We may possibly return back to very low rates again but don't know that yet

After last week's decision, markets are already telling the ECB that the window is closing and surely policymakers are not that dense to realise it too.