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  • EZ inflation rose a touch in September, and the core was revised higher, matching our initial forecast.
  • Headline and core inflation will dip in October but then rebound, meaning no rate cut in December.
  • Markets are eyeing a rate cut in early 2026, but we think the ECB will opt to stay on hold at 2%.

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Keywords for: 20 October 2025 Eurozone Monitor

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