22nd July 2022

  • Lagarde Bids for ECB to Defy History With Third-Time-Lucky Hike

2008 and 2011 episodes provide reminder of costly past errors

Europe is facing ‘stagflationary pressures,’ Praet observes

https://blinks.bloomberg.com/news/stories/RFDIXVDWLU69

  • Russia Resumes Nord Stream Gas Flow, Bringing Europe Respite

Flows ramp up to pre-maintenance level of 40% of capacity

Market sees relief amid uncertainty over future shipments

https://blinks.bloomberg.com/news/stories/RFD62IDWRGG2

  • Bond Traders Hunt for the Trigger of the ECB’s Anti-Crisis Tool

‘All eyes are now on the ECB’s tolerance for widening spreads’

Italy yield premium is approaching the peak reached in June

https://blinks.bloomberg.com/news/stories/RFET7NDWX2PS

  • ECB Rushes to Tighten as Half-Point Hike Matched by Crisis Tool

First increase in more than a decade brings deposit rate to 0%

New instrument designed to avoid market jitters as rates rise

https://blinks.bloomberg.com/news/stories/RFDPDUDWRGG2

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