According to Jin10, Marex FX co-head of trading and head of private markets Jonathan Pryor warned in a report that the European Central Bank could be left on the back foot after it announces its interest-rate decision on Thursday. He said that if the ECB misjudges this rate hike as a one-off move and is then overtaken by other G10 central banks with higher rates, it could have a long-term impact on Christine Lagarde and the ECB's reputation. Pryor added that the more complicated challenge for the ECB is dealing with fluctuating bond spreads among sovereign countries while coordinating monetary policy, a challenge that is rarely mentioned. He said any remarks involving the bond market will be very important because this is usually a topic the ECB does not want to touch, but it will inevitably become part of the challenges it faces in the coming months.