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Some more thoughts on the ECB meeting

While yesterday’s ECB meeting triggered some big moves in financial markets, we think it does not fundamentally alter the outlook for monetary policy. We are still expecting persistently high core inflation to cause the Bank to hike its deposit rate to a peak of 3.5%. Net week, we expect to learn that euro-zone retail sales dropped sharply in December. German industrial production and inflation figures will also be released. 

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