"Bumpy" or "Sticky"? Inflation Dynamics for the Eurozone and US

By Lāsma Kokina, Nato Balavadze and Brunello Rosa

22 May 2024

In this paper we discuss:

• EZ's recent inflation dynamics and why future dynamics suggests “bumpy” more than “sticky” inflation ahead;
• Why the ECB is likely to cut rates three times in 2024;
• Recent and future US inflation dynamics and why US inflation looks “sticky”; and
• Why we believe the Fed is still on course to cut rates in 2024.

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