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EA: Core Trend Ripped Above 2%

Macroeconomics
149 Views, 21 Jan 2022 06:20
EXECUTIVE SUMMARY
  • EA HICP inflation was confirmed at 5.0% y-o-y for Dec-21, while the ex-tobacco index printed at 109.97 (HTRO: 109.98).
  • A leg down in Jan-22 should start a headline trend.  The step-up in the core inflation impulse is more critical for us.
  • It implies upside and, for the first time since the sovereign debt crisis, it shows inflation settling near 2%.
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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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