Lorenzo Codogno
Lorenzo Codogno
hike march means rate stellar strong
It's a stellar performance, a very strong reading. It means a March rate hike is a done deal.
additional backing early economy euro might provide recovering small support therefore zone
This could provide a small additional backing to the idea that the euro zone economy is recovering and therefore might support an early hike,
appears clear currency cut driving euro flows moment money optimal
It's not that clear cut that intervention will have an impact, ... What appears to be driving down the euro are money flows out of the euro zone. If this is the case, it is not the optimal moment for currency intervention.
allowed china currency pressure surprise
It's no surprise that the pressure is back on. At the end of the day, China allowed their currency to appreciate, but because they did so only marginally, there is disappointment elsewhere.
affected banking change italian past plenty resistance resulted system
As always, protectionism doesn't work. The past resistance to change has resulted in the Italian banking system being still affected by fragmentation, with plenty of small-scale players.
global major remains threat
Protectionism remains the major threat to global growth.
change global growth modest prospects shock
It would take a big global shock to change the prospects for at least modest growth in Europe.
christmas committee context cushion decline economy evidence monetary policy sales wage waiting
The monetary policy committee is still waiting for evidence on Christmas (retail) sales and wage negotiations. Then it will cushion the decline in the economy in a context of CPI (inflation) moderation.
course despite domestic ease further headline inflation likely oil performance price rate remains
Despite oil price tensions and strengthening domestic demand, the inflation performance remains subdued. Barring another oil spike, the headline rate is likely to ease further during the course of the year.
gap hard mind soft
Mind the Gap between Soft and Hard Data.
job makers order policy properly support
Policy makers are not doing their job properly in order to support the euro.
chances changed debate victory
The debate may not have changed significantly the chances of victory of the two coalitions.
delicate government position pressure reluctant turning
The government was very reluctant to take a position because it's a very delicate situation, but now they are really turning the pressure on.
available certainly change financial globally horizon japan purchase reduced
With a long-term horizon it will certainly change the situation, not only in Japan but globally ... because reduced liquidity is available for purchase of financial assets.