- Risks to inflation are primarily on the upside
- Activity to slow substantially in the coming quarters
- We expect activity to slow substantially in the coming quarters
- Demand for services is losing steam
- We expect to raise rates further over the next several weeks
- Full text
A 75 bps ECB hike in October is now fully priced in but that was before this speech. The comments certainly underscore a deteriorating outlook but they're nothing new. EUR/USD is volatile today but largely unchanged on this.
