During the Spring Festival holiday, overseas markets spent super central bank week. The Bank of England raised interest rates twice in a row, and the European Central Bank began to turn eagle.
Generally speaking, the overseas market transactions during the Spring Festival are the marginal tightening of monetary policy, and the tightening ranges of different countries are different: Europe > Britain > the United States. At present, the global central bank monetary policy has entered a tightening cycle. It is expected that the tightening speed of the Federal Reserve will still be faster than that of the European Central Bank in the future.
First, the non farm data exceeds the Fed's expectation and may accelerate the pace of tightening;
Second, inflation in the euro area is greatly driven by energy prices;
Third, there is great differentiation within the eurozone, and premature tightening is likely to worsen the economic situation of countries with high debt risk.
