Should they shock oil speculators by leaving
rates unchanged tomorrow?
Over the last week a few analysts have argued that the European Central Bank
is chasing its own tail. The argument goes like this: The ECB hikes interest
rates to fight inflation, a higher interest rate in Europe pushes EUR/USD
higher, a rising EUR/USD pushes oil prices higher, record oil prices increase
inflation pressures, and we're back at square one. These analysts argue that
the ECB is actually fueling inflation by raising interest rates
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