Institutions: The extent of global central bank policy tightening may be quite limited

```htmlGolden Ten Data reported on May 17 that TsLombard stated an aggressive tightening cycle is unlikely to occur. Facing the shock of oil prices, the degree of global central bank policy tightening may be rather limited. In Europe, the energy shock is already dragging down economic activity. The UK labor market has appeared unstable for some time, and European hiring sentiment is becoming increasingly weak. In our view, the tightening efforts of the European Central Bank and Bank of England this year will be lower than market expectations, and this possibility is currently underestimated. In the United States, the likelihood of the Federal Reserve implementing policy tightening in the short term is low, and even if it happens, it will almost certainly wait until 2027.```