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Macro EconomyHigh Impact•18 April 2026•

1 min read

Europe Faces Energy-Led Slowdown as Markets Eye Kevin Warsh Fed Hearing

Emmanuel Macron's face centered between cracked Visa and Mastercard cards, with Euro and Ethereum symbols, bank buildings, and digital payment cards.

Key Facts

1Europe is expected to face an energy-led economic slowdown despite high household savings ratios.

2The confirmation hearing for Fed Chair nominee Kevin Warsh is scheduled for the coming week.

According to ING, Europe is bracing for an energy-led economic slowdown as high energy costs begin to drain consumer spending power despite robust household savings. The regional landscape is shifting from excess liquidity to a cash-strapped environment, posing significant risks to growth. Meanwhile, global markets are shifting their focus to the upcoming confirmation hearing for Fed Chair nominee Kevin Warsh scheduled for next week. Warsh's reputation as a policy hawk could provide further tailwinds for the US Dollar (DXY) while weighing on European currencies. The combination of domestic energy pressures and US leadership transitions is expected to maintain downward pressure on the EUR/USD pair and European equities like the STOXX50.