Societe Generale SELL

FI Outlook Inflation goes to extra time (slides)

Sep 4, 202677 pages页

From the report报告摘录Inflation Persistence: Core inflation remains above 2% until 2028, driven by oil (9), AI (10), deficits (7), tariffs (11), and second-round wage effects, creating policy tightening risks despite growth resilience.

Inside the report报告内文 Verbatim from the original PDF — first pages原版 PDF 开篇原文 · 逐字摘录

FI OUTLOOK INFLATION GOES TO EXTRA TIME

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EUR RATES 3 A. Central bank expectations vs term premium rebuilding 3

SWAP SPREADS AND REPO 27 A. Higher repo rates vs ESTR = room for further paper cheapening 27

DUTCH PENSION FUNDS 39 A. Lessons from 2026 39

EURO AREA SPREADS 44 A. Fundamentals, ratings and flows 44

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