Oliver Mangan: Markets may be pricing in too many ECB rate hikes this year

Energy prices, a record low unemployment rate and supply chain issues have contributed to higher inflation

The ECB policy statement immediately after last week’s governing council meeting did not signal much of a change in its thinking and for that reason the press conference that followed caused quite a stir.

President Christine Lagarde demurred on continuing to push back on market expectations of rate hikes in late 2022, and as a result the ECB opened the door for rate hikes before the end of the year.