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2022/02/01 / Erste Group Research

ECB and US Fed: Central banks have to deal with low visibility

While in the first year of the crisis, the central banks had to face a collapse of the economy, in the second year they had to deal with soaring inflation. What will be the challenge in 2022? We think it will be the labour markets. These will determine whether inflation and interest rates will return to pre-crisis levels. In our special section you will find our stocktaking and analysis of the labour markets in the Eurozone and the USA.

As always, however, the publication begins with an assessment of interest rate developments in the Eurozone and the USA. In this environment, which is still defined by the turmoil of the pandemic, it is difficult to assess lasting trends, which are, however, the basis for monetary policy. The central banks have low visibility, which accordingly creates uncertainty in the markets.

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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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