Economist: European Central Bank's reaction function turns more hawkish

```htmlGolden Ten Data reported on April 30 that Carmignac economist Apolline Menut stated: In my view, it is quite clear that the European Central Bank has demonstrated a more hawkish reaction function. Even when they began communicating after the Iran conflict, around the March meeting, they had already done a lot of work, providing a clear framework through scenario analysis. Each scenario implies a certain degree of interest rate hikes, depending on oil and natural gas prices. Given the latest developments in oil prices, we may now be situated between the baseline scenario and an adverse scenario. From the data, we believe the current economic situation clearly indicates the return of stagflation, as both soft and hard data are not very optimistic.```