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Our new CIO Special discusses developments in Eurozone inflation, the ECB’s monetary policy intentions and the outlook for sovereign bonds. As well as concluding that there is scope for a further rise in Eurozone government bond yields in the coming 12 months, we highlight the following:

  • Recent declines in consumer price inflation rates in December suggest that price momentum in the euro area may have peaked.
  • However, easing inflation masks persistent price pressures, which is why the ECB must remain vigilant.
  • The recent recovery in euro sovereign bonds appears fragile and market volatility is likely to remain high.

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Our CIO Special is now available to download. Please refer to the Important Information at the end of the report for disclosures and risk warnings.

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Change of name: As part of Deutsche Bank’s Private Bank, the former International Private Bank also adopted this title on July 20, 2023.

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