A look at the day ahead in European and global markets from Vidya Ranganathan.
The spotlight moves swiftly from the Fed's "possible pause or pivot" message overnight to the European Central Bank, where the direction of rates is not in question.for the ECB, the central bank for a 20-country zone whose headline inflation is 7%, and it has so far dismissed the ongoing banking crisis as U.S.-specific.
Will the ECB go for a heavier 50 basis-point hike and signal a possible pause, allowing President Christine Lagarde to echo Fed Chair Jerome Powell's "credit tightening" excuse? The odds are for a smaller rise. The Fed on Wednesday delivered what markets are convinced will be the last rate hike of the cycle. It
further increases, giving officials time to assess the fallout from the bank failures, wait on a political resolution to the U.S. debt ceiling, and monitor inflation.
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