A 25bp hike is all but guaranteed at this week’s Fed meeting. However, the idea that this is the last hike, and that cuts will soon follow, is too optimistic. Inflation is still high/persistent, even if it is slowing, so is the labour data.
The ECB Governing Council did not surprise at its latest policy meeting, with a step-down in the pace of interest rate increases whilst retaining a hawkish tone with regards to too-high inflation.
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