ING Monthly: Starting the great rotation

With many countries now learning to live with Covid, supply chain frictions, labour market bottlenecks and rising inflation are taking centre stage. In our October update, we look at how this could lead to a significant policy rotation with implications for the global economy and financial markets

In this bundle

United States

US: Getting back on track

Covid, inflation and political intransigence have weighed on the economy during the third quarter, but things are starting to look a little clearer as we…

Eurozone recovery hampered by supply bottlenecks and soaring energy prices

Although Covid-19 is now more or less under control, other headwinds are slowing the pace of the eurozone recovery: supply chain distortions have not…

United Kingdom

UK rate rises are further off than markets expect

Without more concrete signs of widespread wage growth, the recent surge in electricity prices and subsequent rise in inflation will simply weigh on the…

China

China’s GDP downgraded as electricity policy hits growth

China's restriction of electricity supply and power shutdowns in some regions have hurt manufacturing activity, as well as the daily lives of many…

Asia: Rocked by supply disruptions

Covid remains a disruptive force in some parts of Asia, and it is now contributing to supply chain disruptions across the region

FX Markets: The return of mercantilism

It has been a while since we have used terms such as 'currency wars' or 'mercantilism' in FX markets. Such terms normally relate to…

Rates

Here’s why market rates should head higher still

We find the notion of medium-term upward pressure on rates convincing. It's not all a macro inflation story, even if that is a good one. It's also…

Commodities, Food & Agri

Energy

Winter is coming… and so is further volatility for energy markets

Energy prices have seen significant strength recently. European gas prices have rallied 94% over September, taking them to record levels. Oil and coal…

Our take on inflation

With inflation still on the rise, the risk is that this so-called 'transitory' period will be much longer than many central bankers had anticipated

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ING’s outlook for central banks

Our economists look at the places where monetary policy is likely to be tightened first over the next few years

ING Monthly: Starting the great rotation

With many countries now learning to live with Covid, supply chain frictions, labour market bottlenecks and rising inflation are taking centre stage. In…