The European Central Bank's calendar still lists a monetary-policy decision for Thursday. [1] U.S. stock markets are closed for Labor Day. [2] A priced hike is not a vote. Print the watch. Do not print Thursday's 25 basis points as Monday news.

Oil in the nineties is the energy pressure desks name, not a Frankfurt ballot. Leave a named deposit-rate print to Thursday. Print the calendar. Print not a hike.

Print the watch. Monday is not a Governing Council day. A closed New York board cannot reprice a Frankfurt vote it has not heard. Leave 2.50 percent to Thursday if Thursday owns it. Print the calendar as Monday's named ECB hold. A holiday close is still not a rate decision. Print priced as still not voted. Print Thursday's meeting as still later. Thursday's 25 basis points are already priced into every euro trade; markets vote before councils do. Monday's closed boards freeze the odds.

Frozen odds thaw Thursday; Monday's stay iced. Iced boards hold. Councils vote warm.

Holiday closes freeze odds; Monday is not a rate decision. The calendar still points later. Priced is not voted.

Thursday remains the named day on the ECB policy calendar. Closed American boards have not heard a deposit-rate print. Crude in the nineties is energy pressure, not twenty-five basis points. Monday cannot cast Frankfurt's ballot.
Monday cannot vote a deposit rate. Frankfurt's named day is still Thursday. Crude in the nineties is pressure, not twenty-five basis points.

Monday cannot vote a deposit rate. Frankfurt's named day is still Thursday. Crude in the nineties is not a Thursday vote.

-- HENDRIK VAN DER BERG, Brussels