ECB set for a hold, new r* projections

Further evidence of economic weakness and easing inflationary pressures in this week's data releases suggest that a "hold" is now a done deal for next week's ECB's meeting. Meanwhile, the tentative signs that wage pressures are easing in the last Indeed job posting data will not be enough for policymakers to even begin to consider loosening policy. Next week, we expect more evidence that the euro-zone economy is struggling from the business surveys for October and Spanish Q3 GDP data. Otherwise, the Swiss federal election this Sunday is unlikely to change the outlook for economic policy.