European Central Bank minutes were published Thursday:
Nordea's assessment remains that the Bank has finished hiking rates;
- The monetary policy account from the ECB’s July meeting did not offer much guidance on what the ECB would do at its September meeting
- "The activity data since the July meeting has been weak, while inflation has proved to be sticky. In fact, stagflation risks were mentioned twice in the account. A few of the more hawkish Governing Council members have talked in favour of another hike lately, while most, including Executive Board member Schnabel today, have kept an open mind
- "We stick to our long-held baseline that rates have peaked at 3.75%, and think the ECB will pause hiking in September, while retaining a tightening bias. It will be a close call, though, and there may be an intense battle ahead between those in favour of hiking and the ones wanting to keep rates unchanged at the ECB’s September meeting
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Powell Ueda Lagarde
Federal Reserve Chair Powell, Bank of Japan Governor Ueda and European Central Bank President Lagarde