ING Monthly 1 September 2021 European Quarterly

Biden’s spending plans trimmed and money dispersed in 2022. European Recovery Fund continues to pay out money in 2022 and fiscal policy stays accommodative after German and French elections. Fed tapers in 4Q21, and starts hiking in 3Q22. We’re forecasting 5 rate hikes by the end of 2023. ECB starts gradual taper in 1Q22 ................
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