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  • The ECB hiked, and Ms. Lagarde struck a hawkish tone, backed by punchy new inflation forecasts.
  • We’re maintaining our view of a back-to-back hike in July, though it remains a close call.
  • The ECB is worried that a prolonged energy inflation shock is now driving second-round effects.

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Keywords for: 12 June 2026 Eurozone Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence