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2022/09/06 / Erste Group Research

Eurozone and USA: Central banks needs energy

Both the ECB and the US Fed are facing major challenges. Both central banks are crisis-tested, but the current environment is new. High inflation and a weak economy at the same time have not been seen for a long time. Both central banks have only recently confirmed their determination to counter inflation with further interest rate hikes. A very weak economy and probably also a recession are obviously being accepted in the process. But the dosage will not be so easy.

The question of what will happen to energy prices and whether gas rationing will be introduced hangs over Europe. In the special section on Energy prices before the turnaround, we analyzed gas and electricity supplies. We conclude that there should be no rationing in Europe during the winter months, even if Russia were to end supplies completely during the heating season. This should become clearer as stockpiles continue to be replenished, leading to a drop in energy prices.

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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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