Analysts at BBH note that the European Central Bank tightening expectations remain subdued following the latest Eurozone inflation data. ECB may stop
"Eurozone August CPI data came in hot. Headline came in at 5.3% y/y vs. 5.1% expected and 5.3% in July, while core came in as expected at 5.3% y/y vs. 5.5% in July."and so the policy debate will most likely swing to the hawks’ favor. Indeed, Holzmann said today that the ECB may extend its tightening cycle by “another hike or two.” Schnabel was more nuanced, noting that recent data “point to growth prospects being weaker than foreseen in the baseline scenario.
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