<div id="readability-page-1"><div><div><h2><strong>Phantom inflation, real tightening</strong></h2><p>Markets are already fading the latest inflation scare. Real rates are coming down, energy isn’t breaking to new highs, and the data looks nothing like 2022. Yet the ECB still signals hikes. The real risk isn’t inflation re-accelerating — it’s policymakers tightening into a slowdown.</p><h2><strong>Markets aren’t buying the inflation narrative</strong></h2></div></div></div>

GILI

XG7U

IGIL

IFRB

XGIG

IBCI

MTXX

<p>幻影通胀，真正的紧缩

市场已经开始淡化最新的通胀恐慌。实际利率正在下降，能源价格没有创下新高，数据看起来与 2022 年截然不同。然而，欧洲央行仍然发出加息的信号。真正的风险不是通胀重新加速，而是政策制定者在经济放缓时收紧政策。市场并不认同通胀的叙述</p>

ECB Is Still Fighting 2022

ZeroHedge

Lyxor Core UK Government Inflation-Linked Bond (DR) UCITS ETF

Xtrackers II Global Inflation-Linked Bond UCITS ETF

iShares Global Inflation Linked Govt Bond UCITS ETF

iShares France Govt Bond UCITS ETF

iShares EUR Inflation Linked Govt Bond UCITS ETF

Lyxor Euro Government Bond (DR) UCITS ETF Acc

欧洲央行仍在应对 2022 年的挑战