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Peter Chatwell and Antoine Bouvet at Mizuho....>

EGBS
EGBS: Peter Chatwell and Antoine Bouvet at Mizuho note the very impressive rise
in the eurozone economic surprise index to its highest point since 2010. But
they also point out that 5Y5Y inflation swap rate is much lower now than the
2.40% seen in 2010.
- Mizuho write "the ECB of today as very different to the ECB of the past, much
more pragmatic and aware of 2011 (rates hikes) having, on balance, been an
error. Moreover, with inflation expectations rightly so low now, the ECB has
little need to get excited." 

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