• The ECB delivered a 25bps hike as expected. Effective as of June 17. President Lagarde absolutely did not tee up another hike for the next meeting(s);

• Having said that, the undertones of the presser were hawkish, with President Lagarde refusing to throw the doves a bone by sidestepping journalists' questions about the weak economy;

• I expect the next hike in September - July will be a stock taking meeting. Unless events intrude.

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