ECB's Wunsche: Have to move quickly on rate hikes to a level that may be restrictive

ECBs Wunsch is the next ECB official to speak, saying:

• ECB has to move quickly on rates to a level that may be restrictive
• may be going towards a technical recession, or worse

The ECB rate decision will take place next Thursday with the market split on whether it's going to be 50 or 75 basis points. From comments from ECB officials, the idea of 75 basis point is certainly something that is on the table for discussions.

However, ECB's Stournaras is adding to earlier comments by tilting more toward 50 basis points. Says:

• Further gradual normalization will be appropriate
• Neutral rate estimated between 0.5% and 1.5%
• Don't need to take very large steps; need to be prudent

The last comment seems to be counter to the idea of going in hard with a 75 basis point hike.