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Deutsche Bank has changed its ECB call and is now forecasting a 25bps ECB rate hike in July, adding that it could come in June if there is a significant deterioration in inflation expectations. DB previously expected the ECB to sit on its hands through the summer after the April hike. DB also expect follow up hikes in September and December. "We are thus raising our year-end Refi rate target to 2.00% from 1.75%".
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