The June GC meeting minutes shed little.........>

ECB: The June GC meeting minutes shed little further light on the language

signalling the timing of the next ECB rate hike, with no evidence of any

internal split on the 'through the summer' language.

- The key passage suggesting that the first 2019 rate hike is due to come after

the summer, i.e. September at the earliest: 'the proposed formulation,

indicating the Governing Council's expectation that policy rates would be kept

at their present levels at least through the summer of 2019 and in any case for

as long as necessary to ensure that the evolution of inflation remained aligned

with a sustained adjustment path, was seen to strike a good balance between

providing sufficiently precise guidance and maintaining adequate flexibility.'

- GC was concerned about trade protectionism but not an imminent risk to the

global economy, with impact on inflation seen 'ambiguous and uncertain'.

- Minimal reaction in rate futures.