The Fed's Expectations for a Rate Hike

If inflation drops back below target already within 2023, that is quite the game-changer relative to what we experienced in Europe throughout 2022. And obviously, if these forward-looking indicators are right, then we should obviously also expect this to have an important bearing on the interest rate outlook for the European central bank and for the Federal Reserve. If we look at the similar picture for the United States, I would be extremely surprised to see them deliver more than two times 25 basis points a year.