• Rate hikes by major central banks raises recession risks
  • A big step in October is appropriate
  • ECB should start discussing QT now

There's a mix of comments in there but nothing that we don't already know as being part of the ECB's position at the moment. Policymakers from the central bank are out in droves today but the overall communique is clear i.e. 50 bps rate hike is the minimum for October but there's a likelihood of raising by 75 bps as well.