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  • We think a rebound in inflation will now close the window on further monetary policy easing. 
  • Risks are asymmetric, however; the ECB will either cut or hold in the next three-to-six months. 
  • A near-term downside surprise in core inflation and further euro strength will prompt doves to pounce.

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Keywords for: 18 September 2025 Eurozone Monitor

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