UBS On-Air: Paul Donovan Daily Audio 'More from the ECB multitude'

Some of the multitude of ECB policy makers have been signalling a rate hike next week, with the possibility of 0.5 percentage points. This follows from the Belgian central bank governor saying (essentially) “never mind the profit margins, hike until real wages become even more negative.” ECB policy making is faction-riven, but there appears to be some difficulty in turning off the hiking autopilot.