Surveillance: BOJ Jolt with BNY Mellon's Yu
Bloomberg Surveillance
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The Downside on the Euro. What Is It?
There seems to be a feeling that both the Fed and the ECB may be done with rate hikes. This calls into question whether the ECB actually will end up hiking further than the Fed this year, which was the consensus heading into 2023. But if we look at some of the economic data, for instance, who's PMIs that we had for Europe at the start of the week, they were really quite worrying. So there are, you know, recession is hanging above Europe. Germany equals already in recession. Recession risks are really very real. And that may give the ECB cause for constraints in September and pause policy.
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