德银：欧洲央行暂停降息背后仍存通胀上行与政策分歧风险

Core Viewpoint - Deutsche Bank's chief European economist Mark Wall indicates that the European Central Bank (ECB) has paused its easing cycle in July, raising questions about whether this is a temporary halt or a long-term observation, with significant uncertainty remaining [1] Group 1: ECB Policy and Economic Outlook - The ECB's decision to pause is seen as a reasonable approach to maintain policy flexibility amid high uncertainty [1] - There is a potential risk of rising inflation due to strong economic resilience combined with large-scale fiscal stimulus if trade uncertainties diminish [1] - The market may soon shift its focus from the "last rate cut" to the timing of the "first rate hike" [1]