So there were 2 key events of the day and both dominated all of the discussion leading towards them. Firstly step up the ECB with what felt like the first 50:50 decision of the year. In the battle of a hawkish pause or a dovish hike it was the latter that prevailed. They have revised down inflation expectations ex-food and energy for 2025 which is quite interesting and the key phrase from the statement for the market seemed to be that rates were at levels contributing to timely return to 2%. Fr…
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