Next week focus on the ECB meeting scheduled for 9 September. No monetary policy changes are expected, but the Central Institute will release the new growth and inflation estimates, with the latter expected to undergo an upward revision for 2021 and 2022. In light of this, the experts from MPS Capital Services they consider it very likely that the reference to the commitment to conduct the PEPP at a pace “significantly above Q1” will be removed in the meeting. The discussion on whether to terminate or extend the deadline of the PEPP (scheduled for March 2022) will be a topic that will probably be dealt with in the two meetings that remain between now and the end of the year.
During the week focus also on the German Zew index, expected to decline in the prospective component, and the data on industrial production of the main economies as well as those on the trade balance. In the USA, no particularly relevant data is expected except those on producer prices, which are expected to accelerate in trend terms, which could provide us with indications on upcoming inflation data. Finally, the interventions of some Fed members and in particular that of the President of the New York Fed, Williams, on the outlook should be noted
economic.