The ECB hiked rates by 50bp despite the uncertain market situation, but refrained from giving any firm guidance on what would happen next. We think the ECB remains worried about the inflation picture and will continue hiking in the upcoming meetings. • The ECB hiked rates by 50bp despite ongoing market turbulence. • The uncertain market situation led to the ECB not giving any signals about the future – the central bank is finally truly in a data-dependent mode. • Financial markets interpreted the ECB’s cautiousness in a dovish light, with interest rate expectations retreating – the market is pricing in less than a ... (full story)