It isn’t often that ECB doves and hawks are on the same page. This week’s barrage of ECB-speak provides us with one such exception. Consider remarks made by the dovish (leaning) Spanish central bank Pablo Hernandez de Cos. Bloomberg quoted him as saying that QE should cease early in third quarter (read: the first week of July). And then the first rate hike should come shortly after (read: the meeting at the end of the month). Not too long ago a summer rate hike was the hawks’ wildest (and wettest) dream.


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