It strikes us both as brave and foolish to look for an improbable rate hike at this particular meeting.

We expect a hike of 25 basis points and probably 50 basis pints, ... Any smaller rate hike or no rate hike at all will cause a big sell-off of the euro on all cross rates.

We expect a hike of 25 basis points and probably 50 basis pints. Any smaller rate hike or no rate hike at all will cause a big sell-off of the euro on all cross rates.

If they don't see that evidence, it may well regenerate the case for a further rate hike.

The view is that the market could withstand a 25 basis point rate hike.

The intent of that, in my view, is to say they are very cautious about looking forward. A rate hike should not be expected in the same vein that one was expected for today.