Deutsche Bank says monetary policy impact transmitting more rapidly in Europe than the US

Via Seeking Alpha, this from Deutsche Bank.

• believes monetary policy might be transmitting more rapidly in Europe than in the U.S.
• "Around 70% of Eurozone business debt is bank based and therefore far more likely to be variable rate, vs. only c.25% in the U.S.
• U.S. business debt is more likely to be fixed rate, with the vast majority financed via the longer-tenor investment-grade and high-yield bond markets"
• European corporate net interest payments are rising sharply in contrast to a surprise decline in the U.S."

DB were expecting an 'on hold' ECB meeting this week. The note cited by Seeking Alpha is from Monday so I am not sure if DB have changed their mind after the news earlier:

• More on the apparent leak of an ECB rate hike coming on Thursday