ECB’s Frantic Hike Out Of NIRP Ends. Future Uncertain

The ECB kept rates steady on Thursday, as expected. The decision was notable. Or as notable as widely-telegraphed holds can be. Christine Lagarde's rate-hiking campaign was a singular event in the institution's short history. She started from an unenviable position: Rates were in negative territory and the ECB's capacity to raise them expeditiously was hampered by the bank's preexisting forward guidance. You might call that comeuppance, and you wouldn't be wrong. Eventually, Lagarde was able