Report
A major asymmetry: Imported inflation in the euro zone; domestic inflation in the United States
A breakdown of inflation in the euro zone and the United States shows that in the former it is mainly imported (rising commodity prices), whereas in the latter it is mainly domestic (rising labour costs and profit margins). This creates a major difference between the United States and the euro zone: There is a wage-price spiral and inflationary behaviour in the United States, but not at present in the euro zone; A restrictive monetary policy can reduce inflation in the United States, but not in the euro zone; Inflation is eroding real income and activity in the euro zone, much less in the United States.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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