ECB's Makhlouf says without a clear timeline for the Middle East conflict, he is concerned about a higher-for-longer energy price scenario
- Inflation expectations need to be closely monitored for signs of de-anchoring.
Context
Makhlouf's comments reflect a hawkish undertone regarding inflation concerns linked to the Middle East conflict and its potential impact on energy prices. His emphasis on monitoring inflation expectations signals that elevated energy prices could challenge ECB's policy direction, influencing interest rate decisions and cross-asset behavior, particularly in EUR and fixed income markets.
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