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ECB accelerates taper despite Ukraine war

In today’s monetary policy statement, the ECB said the Russian invasion of Ukraine was a watershed moment for Europe, but it concluded that it does not require a big change in monetary policy. Indeed, the Bank announced an acceleration in the pace at which it will taper its asset purchases. The guidance on interest rates is now more open-ended, but we still expect one 25bp rate hike by year-end.

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