The pickup in inflation to 2.2% in September was mainly due to energy effects, which will fade in the months ahead. A small undershooting of the inflation target actually seems realistic around the turn of the year. Expect the ECB to hold rates steady for now
Headline inflation has increased to its highest level since the spring, but other German macro data published today suggests that inflation will not be the economy's biggest problem in the months ahead
August US nominal retail sales rose more strongly than anticipated, but volume growth remains range-bound with consumers wary of potential tariff-induced price hikes and broadening evidence of a cooling jobs market
