🇪🇺 ECB arrives at neutral after first hike in three years as services inflation keeps September alive
🇺🇸 Warsh walks into a supply shock the Fed cannot fix
📰 Daily Macro Roundup: 2026-06-12
🇨🇳 China's PPI surge is the wrong kind of reflation for a demand-starved economy
🌏 Bank Indonesia fires an off-cycle hike as the rupiah hits a record low
🇬🇧 UK April GDP contracts as gilt markets push back on the BoE's terminal rate story
🇪🇺 Lagarde rejects 'insurance hike' and writes stagflation into the ECB's official baseline
🇺🇸 Soft core CPI gave markets what they wanted. The PPI pipeline will take it back.
📈 The Strategy: 2026-06-12
📑 The Watchlist: 2026-06-12