报告：缺乏财政整顿可能限制欧洲央行降息的影响

Core Viewpoint - Natixis IM Solutions reports that the European Central Bank's conservative interpretation of its symmetric inflation target will continue to limit the impact of recent interest rate cuts on the long end of the yield curve [1] Group 1: Economic Outlook - The strategist attributes this limitation to the expected deficits in Germany and France in 2026, alongside a general lack of fiscal consolidation in the medium term [1] - There is an indication that the European Central Bank is reluctant to acknowledge the crowding-out effect that public spending will have on private demand in the coming years [1] Group 2: Interest Rate Expectations - Natixis IM Solutions anticipates that the European Central Bank will maintain interest rates unchanged in its upcoming meeting [1]