(Bloomberg) -- Christine Lagarde and her colleagues at the European Central Bank finally offered clarity on the rates outlook than expected at the June meeting, flagging a 25-basis-point hike in July and more to come in September, but what was parked for discussion another day is where rates may ultimately end up. Lagarde is right to flag uncertainty around what’s neutral for the euro zone, but taking a view, even if it is a bit flaky, could help the ECB to keep a grip on the narrative around rates. Bloomberg Economics’ own estimates point to the hiking cycle topping out at about 1.5%.

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