I've been saying the European Central Bank will raise interest rates and that the Federal Reserve will hold off on any rate increases until after the election.

Well, today the ECB raised rates by 0.25% to 4.25%. The decision was unanimous. For now, they'll probably lay low until they have more evidence of inflationary pressures in the eurozone.

Meanwhile, we also got news today that the U.S. job market lost 62,000 jobs in June. This is the sixth straight month that the economy has lost jobs. I think this is only more evidence that the Fed will not raise interest until after November.