Deja vu

In this European edition of Macro Minutes, we discuss the rise in energy prices in the wake of the Middle East conflict brings back painful memories of the 2022 energy shock for Europe. We dissect what is similar and what is different, quantify some impacts on inflation and growth estimates, and map a path forward for the ECB and BoE.Peter Schaffrik (Desk Strategy), Head of UK/European Rates & EconomicsCathal Kennedy (Desk Strategy), Senior UK EconomistGeorge Moran (Desk Strategy), European Macro Strategist* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts