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Investment Event

ECB’s last hike?
15 September 2023
    Download the full reportPDF, 1.32MB

    Key takeaways

    • The ECB increased the deposit rate by 25bps to 4.00 per cent at its September meeting
    • The ECB largely indicated that rates are likely at their peak with the focus switching to how long rates stay restrictive
    • We remain underweight European risk assets with a likely policy-induced recession on the horizon
    • High-quality fixed income is the natural asset class in this environment, but we remain cautious on European government bonds amid sticky services inflation