ECB raised rates by 25bp unanimously to combat broadening inflation from energy shock, with risks to the upside. Growth forecast revised down slightly. Lagarde emphasized data-dependence, no pre-set path, and that the decision is robust across all scenarios including a milder one. Second-round effects not yet visible but wage projections included.

Bruce Richards calls SpaceX the biggest rising star of all time, highlighting its refinancing of $17.5B high-yield debt at 12% to a $20B facility at ~4.6%, making it effectively net debt zero with an IG rating. He argues chip depreciation is overstated, sees strong demand for AI compute, and expects the Fed to hold rates despite inflation driven by energy supply issues.