@吴家琦:
The ecb is finally joining the club of central banks hiking rates with its first hike since 2011. The ECB raises the main refinancing rate by 50bps to 0.50% and depo rate from -0.5% to ZERO (more than they guided). ECB also unveils a new crisis tool called Transmission Protection Instrument (TPI - details will be released after the press conference). The ECB crisis tool purchases are not ‘restricted ex ante’. Further hike will be done in the next meeting(s). Forward guidance dropped due to risk inflation outlook => now each meeting is live and data dependantOur take: - Overall, this ECB meeting is more hawkish than expected and was not an easy option for Mrs Lagarde as the eurozone is facing two additionnal risks on top of record high inflation: 1/ the risk of an energy shock