Eurozone harmonized inflation grew less than 2% for the first time since 2021 (see chart below). That’s probably why the ECB was the one of the first major central banks to cut rates and start the easing cycle. In China, prices fell into deflation in July for the first time also since 2021. That’s probably why the PBoC has been the first major central bank to print money and announce fiscal stimuli packages to revive the economy and avoid a depression. In the U.S., and according to a speech J Powell gave yesterday, we still have a healthy economy, and that’s why he said the Fed will be less aggressive in future meetings when it comes to lower rates. But today, all major ports on the East coast will start a strike, with big implications for both Fed mandates: inflation (expected to rise) and unemployment (expected to rise if strike is prolonged). But it could also negatively affect economic growth. Pressure is mounting on big indebted nations.
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