ECB delivered a 25 bps rate hike. Economists at Société Générale do not exclude further rate hikes. A dovish ECB hike that may raise the need of furth
A dovish ECB hike that may raise the need of further hikes
The immediate impact on long-term yields and the Euro could imply a more delayed return to price stability, paradoxically raising the need of further rate hikes. With slightly accelerated QT, there should be room to push the yield curve steeper, thereby also supporting price stability. However, we also see a clear risk that high unit labour costs will result in sticky core inflation, which the ECB may need to react to with rate hikes next year.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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