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EA Activity Catches Global Cold

Macroeconomics
309 Views, 24 Jun 2022 02:04
EXECUTIVE SUMMARY
  • The Euro area’s relative resilience lasted only a month as its services PMI crashed in June, while the US extended its trend decline.
  • Consumer confidence remains far gloomier than businesses amid squeezed real incomes. Unemployment may be turning higher, but the vacancy backlog should prevent a spike.
  • Monetary policymakers are fixated on the risk of high coincident inflation and will keep hiking into weaker activity. They overdid stimulus and now risk overdoing tightening.
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Phil Rush
Chief Economist
Heteronomics
United KingdomMulti-AssetMacroeconomicsCross Asset Strategy

Philip Rush is the Founder and Chief Economist of Heteronomics. Until launching in November 2016, he was Nomura's Senior... 

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