Inflation in the euro zone hit 9.7% in August and with the continued pressure on energy prices it’s expected to reach double-digit levels in the coming months.
"While governments will partially 'foot the bill', there are limits to what extent the private sector can be shielded from this income shock," said Dirk Schumacher with Natixis in a research note to clients.
"A key take away from recent comments by ECB officials is that the hiking cycle will be less sensitive to recession than we thought," said Deutsche Bank's Chief Economist Mark Wall in a research note. The Frankfurt institution believes its"neutral" rate — an optimal level for a steady economy — to be between 1% and 2% and with inflation risk rising the ECB's Governing Council might need to consider raising rates above that level into tightening territory.
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