IFR Euro Outlook: The risk is that ECB guidance has not been marked to market

Kudos to my colleague Divyang Shah for the phrasing in the headline which featured in his ECB preview!

...While no significant policy changes are expected from the ECB, investors are on tenterhooks amid the shift to more hawkish central bank policy globally. To this end, there is considerable anxiety that the ECB may start to signal more concern about the strength and persistence of high inflation data, to the effect that 30bp of interest rate hikes are priced in by year-end, despite repeated insistence that this is not on the table...