- Rates will not only have to go to restrictive territory but stay there much longer
- Risks for economy clearly downward, inflation risks are upward
- Fiscal policy starting to add to inflation risks
The message from the ECB is quite clear at this point and that could act up as a decent tailwind for the euro in the early parts of next year. But with recession risks abound, it'll be interesting to see if the ECB resolve will wane in the months ahead.
