The ECB’s annual forum is officially underway in Sintra, Portugal, with the market pondering the likely winners and losers. Christine Lagarde and Jay Powell are no doubt doing a little horse trading as both urgently need to address spiraling inflation and neither in a position to afford higher rates.
The US can help mitigate inflation by ramping the USD higher. Europe, which faces a more complicated energy dilemma thanks to the war in Ukraine, is stuck between a rock and a hard place. As the euro slides, the sharp spike in energy prices accelerates.
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