Rate hikes are unpopular on the stock market.
If interest rates rise, prices fall.
With the ECB's historic rate hike, one might have expected the reaction to be much more negative.
After all, the rate hike was larger than expected.
However, investors were largely unaffected.
That's what investors call "priced in," in their lingo.
Nobody would have understood anything other than a rate hike to combat inflation.
How big the still small step would be was no longer decisive in the end.
Investors now have other worries than closing the money sluice.
The government crisis in Italy is more than a national matter, it is having an impact on the EU.
Above all, however, the war in Ukraine and the unresolved energy problems worry investors - and they continue to do so.
Since the beginning of the year, the leading German index has lost almost 20 percent and is trading at just over 13,100 points.
Given the uncertainties, a drop to 10,000 points is anything but impossible.
A time for investors to keep their feet still.
After all, bank stocks were slightly up on this historic ECB day.
The prospects of finally earning money again with loans are spurring on price speculation.
The risks of loan defaults associated with a possible recession are initially of secondary importance.
Worry about another day.