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The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.
Historical and current analyses do not guarantee future returns.
*The ECB extends its forecast horizon in December. So, for example, the September 2019 forecast refers to 2021 while the December 2019 forecast refers to 2022. The September 2021 forecast refers to 2023 and this will be extended to 2024 in the December forecast. It is likely that this will show core inflation at 1.6% or 1.7%.
Through September 9, 2021
Source: ECB and AllianceBernstein (AB)
Historical and current analyses do not guarantee future returns.
*Inflation expectations is the five-year/five-year inflation swap. ECB asset purchases is the average monthly purchase pace.
†Real bond yield is the 10-year Overnight Indexed Swap deflated by the five-year/five-year inflation swap. Core inflation is at the forecast horizon.
As of September 15, 2021
Source: Bloomberg, ECB and AllianceBernstein (AB)
The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.
Investment involves risk. The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this publication. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this publication. This article is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer of solicitation for the purchase or sale of, any financial instrument, product or service sponsored by AllianceBernstein or its affiliates. This presentation is issued by AllianceBernstein Hong Kong Limited (聯博香港有限公司) and has not been reviewed by the Securities and Futures Commission.