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Berenberg analyst Holger Schmieding expects the ECB deposit rate to reach 3% by mid-2029 (current 2.25%), revising a prior 2028 call. He says a temporary US–Iran agreement lowering energy costs could push eurozone inflation below 2% in early 2027, which could delay ECB tightening until end-2028; thereafter demographic-driven labour‑supply declines should lift wages and force the central bank back to hiking.

The Federal Reserve accepted $3.925 billion from four counterparties in its fixed-rate reverse repo operation.