Pantheon Macroeconomics

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11th Mar 2022 00:10Eurozone, Daily Monitor

  • The ECB keeps its eye on the ball, signalling an accelerated withdrawal of stimulus.
  • We doubt that the war in Ukraine will trigger the ECB’s optionality in Q2; QE is set to end in Q3.
  • Bonds will be hyper-sensitive in Q2 to evidence of a growth hit from the war, or lack thereof.

core inflation deposit rate downside risks ECB ecb meeting energy equities governing council headline inflation inflation target interest rates May policy q2 qe rate hike recession russia u.s.

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Keywords for: The ECB is Locked-in by High Inflation, and Q2 will be No Better

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