Across Europe, we’re seeing a subtle shift from the recent pace of interest-rate increases as central banks turn their focus toward balance sheet management. It means that central banks can continue to tighten financial conditions whilst simultaneously improving market functioning , and it provides officials cover to see how the prior rate hikes translate into the real economy. Placing emphasis on the QT tool can also unlock more head room for rate increases down the road should inflation persist and again require aggressive tightening.
Against this policy tilt, the main change in the economic backdrop is that GDP contraction
Against this policy tilt, the main change in the economic backdrop is that GDP contraction
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