ECB President Lagarde (Q&A) says decision was unanimous to raise rates

Newsquawk Staff · 11 Jun 2026, 13:26 UTC

Did not discuss alternatives
Today's decision was not an 'insurance' move
Talks were predicated on energy shock
Seeing some signs of Middle East cost increases
Indirect costs from the war are also showing up
ECB has updated scenarios; will publish a 'milder scenario' as well
Today's decision was robust across all three scenarios considered (adverse, severe, milder)
If we were not taking this very obvious policy decision, we’d be north of our inflation target at end of projection horizon

What our latest note said

US Market Open, 22 Oct, 10:37 UTC · what it led with

Iran's IRGC Navy warned that US efforts to encourage passage could result in strikes on US bases.
Iran's Major General Rezaei said Iran has presented seven new conditions through mediators and will neither reopen the Strait of Hormuz nor resume negotiations until they are met.

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Fed’s Waller (voter) says more rate hikes are likely needed to tame inflation, but there is flexibility over the pace and hikes do not need to be consecutive.
DXY+0.1%
Japan's GPIF didn't discuss allocation at its September meeting, Bloomberg reports.
USD/JPY+0.1%
Japanese FX Official Mimura says they are closely watching to see if markets take the clear message they are giving at face value. Not satisfied with or reassured by recent JPY action.
USD/JPY−0.5%

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