The ebbs and flows of inflation

One concern replaces another. In recent weeks, the risk of recession seems to have waned, in particular in the US. Job conditions remain solid, contrary to what one would expect of an economy close to breaking point. In Europe, energy problems have not had the dramatic consequences so feared last summer. The substitution of Russian gas is almost complete, there have been no power cuts and wholesale energy prices have fallen sharply. This is giving a small lift to business confide...