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Macro Comment EurozoneECB: Curb your enthusiasm

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Fundamentals indicate a need for more rate cuts, but that is hampered by concerns about negative rates. Forward guidance and tiering are unlikely to make much of a difference. Another round of QE requires a shift to relatively riskier assets, and faces significant external and internal obstacles. Built-up market disappointments have reached levels not seen since past crisis episodes. The ECB's policy limitations and lack of fiscal support mean the inflation target is unlikely to be met by the end of 2021.

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 Erik Meyersson

Erik Meyersson

Senior Economist

Eurozone

erme03@handelsbanken.se

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