An anti-fragmentation device sounds so much more exciting than a transmission protection instrument (TPI). The first phrase carries a certain military glamour; the latter brings to mind barrier forms of contraception designed to prevent STDs.
Economists and investors were impressed by the ECB suddenly terminating forward guidance with such extreme prejudice yesterday.
Yes, members of the governing council had previously declared that the ECB’s first rate rise in a decade would be 25 basis points and then delivered 50bp instead.
But that’s just as well.
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