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The ECB will likely hike with zero evidence of an overheated economy. Core inflation FELL to 2.4%. Services fell to 3.0%. The entire jump to 3.3% is energy: +14.3%. Raising rates will not print one barrel of oil or one molecule of gas. It passes the whole burden of monetary restriction onto families and businesses already asphyxiated by taxes, while governments enjoy the massive liquidity programs and the spread control mechanism. Tightening for citizens. Permanent accommodation for states. The recipe for more socialist stagnation.