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Emile Gagna, Macro, Inflation
Powell’s last mile of a long journey
After peaking in the summer of 2022, inflation in the United States has fallen back sharply. Despite the fact that disinflation is now well underway, previous episodes in our series have highlighted the fact that the US economy has not yet returned to the softness of 2 % inflation...
Macro, Emile Gagna, Inflation
The heatmap, a summary of inflationary pressures: illustration for the United States
In the United States, the disinflation process is clearly underway, as the heatmap below illustrates: the "supply chain tensions " and " freight costs " components have turned green since the second half of 2022, even if the recent tensions in the Red Sea are starting to show! In the course of 2023, commodity and producer prices followed suit.
Macro, Inflation, Emile Gagna
Euro zone: labour market still tight
As in the United States, the labour market is tight in the eurozone. However, the nature of the tensions is quite different.
Macro, Inflation, Emile Gagna
United States: job market still tight
Wage trends, reflecting tensions on the labour market, play an important role in the formation of prices, particularly for services.
Macro, Inflation, Emile Gagna
At the heart of inflation
On both sides of the Atlantic, inflation was undoubtedly an important theme throughout 2023.