ECB Pipeline Inflation Keeps Hikes Priced – Deutsche Bank

Deutsche Bank has commented on the European Central Bank's inflation outlook, noting that pipeline pressures remain a key factor. Even though oil prices and euro-denominated inflation swaps have retreated recently, ECB Chief Economist Philip Lane cautioned that the pass-through from previous energy shocks is not yet complete.

The bank argues that this ongoing feed-through effect keeps the probability of additional ECB rate hikes priced into the market. The comment underscores the ECB's continued hawkish bias despite recent disinflation signals from energy markets.