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2021/05/12 / Erste Group Research

The base effect

Base effects originating from the very low levels last year especially in energy prices have repeatedly led inflation fears to re-emerge.

There is still a lack of strong fundamental arguments that would suggest a sustainable and broadly-based increase in prices.

However, the ECB has so far successfully prevented any drastic increase in yields on the back of the stepped-up asset purchases as announced already in March and verbal interventions.

Due to the good economic outlook, the good company results, and the loose monetary policy we regard any significant widening of spreads in the near future as rather unlikely.
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General information

AuthorErste Group Research
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria, Eurozone
Currency in focusEuro
Sector in focus-


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