bullish
EA: Doves Near Inflation’s Trough
140 Views31 Oct 2023 20:51
SUMMARY
- EA inflation plummeted by 1.4pp to 2.9% in Oct-23, 0.2pp beyond the consensus and within 0.1pp of our forecast again. But it is close to views prevailing since February.
- The downside news concentrated on energy prices, as we expected, while the core matched forecasts by falling 0.3pp to 4.2%. National surprises broadly skewed lower.
- We still expect a much smaller slowing in November before temporarily jumping into yearend. Recent downside news should encourage the ECB as it resists hiking again.
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Discussions
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