2 Bank of America Global Research (2021), European fund manager survey, 14 September. 3 These simulations assume future purchases corresponding to the median response from our survey of  monetary analysts (SMA). 4 Options are based on consumer price index (CPI) inflation, but the Federal Reserve System states its goal for  inflation in terms of the personal consumption expenditure (PCE) price index.
9 Furthermore, the increasingly noticeable outflow of wholesale deposits from European banks, which aggressively invested in securitized instruments, could be explained at least in part by doubts over the appropriateness of regarding certain bank deposits as safe assets.