The ECB caught a few people on the wrong side of the rate cut debate today. This sent EUR off to the races, trampling rate futures in the process. Life is full of little setbacks, but this one is unlikely to last. Markets will have to price in the risk of an ECB cut until something dramatically alters the growth outlook. The specter of crisis still haunts Europe and the ECB's own staff project a mild contraction this year. It's hardly the environment to stave off rate cut speculation.
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