Week of 16 - 20 March 2026 |  Central Banks and bond yields in focus 

In this edition of Amundi's Weekly Market Directions: 

• The major DM central banks – Fed, ECB, BoE and BoJ - have left rates unchanged, in line with our expectations.  

• The Fed and ECB governors’ comments emphasized the importance of taking a “wait and see” approach.  
 
• Bond-market movements have been significant: investors are now pricing in hikes for the ECB and the BoE, and no cuts for the Fed in 2026.  

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Monica Defend

Monica Defend

Head of Amundi Investment Institute

The stagflationary impulse from the conflict will reshape the growth and inflation risk trade-off, creating a policy dilemma for central banks globally. Overall, we expect central banks to postpone easing, but not to reverse it, a wait-and-see stance seems plausible and appropriate.

Monica Defend, Head of Amundi Investment Institute

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Unless otherwise stated, all information contained in this document is from Amundi Asset Management S.A.S. and is as of 23 March 2026. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi Asset Management S.A.S. and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results.
 

Date of first use: 23 March 2026

Doc ID: 5323437