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Hawkish tone at Sintra forum, particularly in Europe

Central bankers have struck a hawkish tone at the ECB’s forum in Sintra this week, suggesting that rates haven’t yet peaked and cuts are not on the cards for some time. But there were some interesting differences in tone. Most notably, the ECB and BoE sounded more concerned about wage-price spirals than the Fed, supporting our view that rates in Europe will stay higher for longer than those in the US.

In view of the wider interest, we are also sending this Global Economics Update to clients of our Europe and Japan Services.

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