Stock exchanges hardly react after the ECB decision

What happens next is likely to depend primarily on the comments accompanying the US Federal Reserve’s interest rate decision on Wednesday evening. They have the greatest power to guide the exchanges. After all, after sharp hikes in interest rates in the USA since March 2022, experts are now only assuming a small step of 0.25 percentage points. After that, according to Craig Erlam, market analyst at broker Oanda, “a phase has been reached where any rate hike could have undesirable and unintended consequences.”