Kevin Warsh said if policymakers had monitored money supply in 2021 they might have detected early signs of inflation.

ECB staff say geopolitical uncertainty reduced loan demand from euro-area exporters to the US and tightened credit conditions. Economists led by Petra Köhler-Ulbrich say European automakers — among the firms most exposed to tariffs — faced tighter lending standards, compounding existing structural problems. Some banks left formal lending terms unchanged but stepped up monitoring of affected firms. The staff estimate the impact on credit peaked April–October 2025 and eased later that year after a summer preliminary US–EU trade framework improved sentiment and reduced policy uncertainty. The note did not reference recent US–Iran tensions but warned such shocks could complicate recovery. Policymakers are weighing that downside risk against inflation ahead of next week’s rate decision.

美元兑瑞郎USD/CHF站上0.81，日内涨0.17%。