ECB's Schnabel says we are facing a massive energy price shock

Schnabel's comments on the massive energy price shock suggest a hawkish stance from the ECB, as it signals heightened concerns about inflationary pressures in the Eurozone. This could lead to increased scrutiny on rate paths, with potential implications for both the euro and fixed income markets, as investors may anticipate a more aggressive response to combat rising costs. Watch for movement in the EUR and European bond yields as the market digests this information.