ECB more aggressive than the Fed in 2023

Thanks to the fall in wholesale gas and electricity prices, there is every reason to think that energy inflation has passed its peak in the eurozone and initiated a downtrend. The same cannot be said of food prices, manufactured goods prices, and even less so of service prices. Companies are defending their margins, which spreads the shock down the price chain. Households defend their purchasing power by seeking wage increases. Everyone is playing their part. The ECB is acting to...