🇪🇺 Germany's May CPI misses by 30 basis points, and the energy impulse behind Schnabel's post-June case is already fading
🇪🇺 France contracted in Q1, German energy import costs jumped 31.0%, and money markets still have the ECB hiking on June 11
🇪🇺 The ECB hits neutral just as inflation jumps to 3.0% and Spain's consumers pull back
🇪🇺 The ECB is probably hiking in June. Its own financial stability team just warned the market isn't priced for the shock.
🇪🇺 Spain's PPI doubled in April. Core goods fell. The ECB's June 5 problem just got messier.
🇪🇺 Spain's national CPI eased in April. The ECB's target measure did not.
🇪🇺 German inflation hits 2.9%, Nagel calls for ECB rate hikes, and the bank has no clean path forward
🇪🇺 Eurozone sentiment bounced hard in May, but German inflation at 2.9% has the ECB eyeing hikes into an economy where the current-conditions gauge sits near recessionary lows
🇪🇺 Manufacturing is up in Europe, but it's inventory-driven. Services just hit a five-year low.
🇪🇺 Eurozone stagflation is back, and the ECB is being asked to fix inflation that monetary policy didn't cause
