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Global Head of Research
Didier BOROWSKI, Lorenzo PORTELLI, Francesco SANDRINI
Global economic conditions are benign thanks to a highly accommodative monetary and financial environment while trade multipliers magnified the re-synchronisation of the global cycle, the recovery in global investments and corporate profits (and specifically EPS momentum). The weak relationship between growth and inflation marks this cycle as unique.
Didier BOROWSKI, Philippe ITHURBIDE
The improvement of global economic conditions will allow the Fed and the ECB to reduce the degree of monetary accommodation, each with its own scale: continuation of the fed funds rate hike cycle for the Fed and reduction of asset purchases for the ECB.
Valentine AINOUZ, Didier BOROWSKI, Bastien DRUT
While the weakness of inflation in the euro area is partly due to cyclical factors, which are expected to wane in the coming quarters, it has probably also structural causes. Subsequently, inflation will rise in the next few quarters but will remain moderate.
CFA, Strategy and Economic Research at Amundi
PhD, Senior Economist