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2021/06/02 / Erste Group Research

How Will the Recovery Play Out?

In this issue of the Interest Rate Outlook, we want to discuss how interest rate markets in the euro zone and the US will be affected by the economic upturn. Along with progress in the vaccine rollout, markets have already been anticipating the economic recovery since the beginning of the year. That was the easy part; however, the next phase will be more difficult for the markets. This is due to the fact that the prospective pattern of the recovery will be driven by factors that are specific to the ending crisis and for which therefore no empirical data exists.

Apart from our assessment of the interest rate markets, this issue of the Interest Rate Outlook contains two focus topics as well. In one of them we take a look at the past and compare the effects of public crisis programs in the euro zone and the US. In the other one, we look toward the future and consider what will remain of the crisis once it has ended.

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General information

AuthorErste Group Research
Product nameInterest Rate Outlook Eurozone, USA
Topic in focusMacro/ Fixed income
Economy in focusEurozone, United States
Currency in focusEuro, US Dollar
Sector in focus-


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