• The data convinced me to start rate hike cycle with a bang
• Rate hike is the beginning of a series of similar steps to tame inflation
• It will take a while to get inflation to desired levels

So, now 25 bps is back in play for September? What is going on..

The minute forward guidance goes out the window, everything is just turning into a massive mess right now. And just a day after starting their rate hike cycle, we are already seeing fresh recession indicators from the PMI data today. It goes to show how the ECB has really dropped the ball on this one.

This article was written by Justin Low at www.forexlive.com.