Danske Bank strategist view the September European Central Bank (ECB) minutes as dovish relative to market pricing, arguing that they do not support the three additional rate hikes currently priced in. They note that limited second-round effects from the energy shock and higher long-term yields could reduce the need for further ECB tightening. Meanwhile, US labour market data continues to signal resilience, while Fed officials remain flexible on the timing of additional rate hikes. [...]