Research Team at BBH, notes that the Eurozone reported revisions for March CPI.
“Headline inflation improved to -0.1% y/y from -0.2%, while core picked up to 1.0% y/y from 0.8% (consensus 0.9%). After Germany’s upside surprise yesterday (0.3% y/y vs. 0.1% consensus), it seems clear to us that sustained deflation in the Eurozone seems unlikely right now. Along with the measures announced at the March 10 ECB meeting yet to be fully implemented, it seems that the next several ECB meetings won’t really be live.
Germany reported mixed February retail sales. Sales were weaker than expected in m/m terms (-0.4% vs. +0.4% consensus) but were stronger than expected in y/y terms (5.4% vs. 2.2% consensus). French consumer spending that month was unequivocally stronger than expected, rising 0.6% m/m and 1.8% y/y.”
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