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Slack Attack: G-3 Core Inflation Sets Record Lows
Slack Attack: G-3 Core Inflation Setting Record Lows
Click here for the full Note
and disclosures.
• G-3 core inflation’s
rapid approach to zero locks in low-for-long policy
stances
• Inflation and policy dynamics differ
elsewhere
Core CPI inflation is setting record lows in
the G-3 economies, reaching an estimated 0.4%oya last month.
US core inflation fell to 0.9%oya in April, a level last
seen very briefly in the early 1960s. Euro area core
inflation declined to 0.7%oya, the lowest level in recorded
history dating back to 1991. Japan’s core inflation rate
(calculated to exclude all food and energy) is expected to
hit a new low of -1.9%oya in next week’s April report,
although the decline from -1.1% in March largely represents
a reduction in high school tuition, rather than fundamental
forces.
Slack Attack: G-3 Core Inflation Setting Record Lows
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