德银：欧洲央行宽松周期已结束，下一步行动是加息

Core Viewpoint - Deutsche Bank believes that the European Central Bank (ECB) has ended its easing cycle and will next move towards raising interest rates, expected to occur by the end of 2026 [1] Summary by Relevant Sections - Current Monetary Policy Stance - Deutsche Bank previously anticipated that the ECB would lower interest rates again in September, with a terminal rate forecast of 1.50% compared to the current rate of 2% [1] - The risk of the ECB's easing cycle stopping at 1.75% or even 2.00% was acknowledged by Deutsche Bank [1] - Future Outlook - The next action from the ECB is expected to be an interest rate hike, projected to take place by the end of 2026 [1]