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Lane Eyes Wage Strength Amid "Nuanced" Service Momentum
ECB Chief Economist Lane's speech this morning (titled "Underlying Inflation") assesses that some signs of easing are emerging but while overall inflation pressures are still strong.
- That said, core inflation momentum remains robust, particularly in goods, while core services inflation momentum is more "nuanced" (for example, services price momentum began easing in Aug but picked up again in Feb when looking at a data series that excludes the German cheap travel ticket scheme).
- Wage growth is expected to be the main driver of euro area underlying inflation this year and next, with the pace of pay increases likely greater than that foreseen late last year. (Notably the word "wage" appears 80 times in Lane's speech, reinforcing the idea the ECB is watching this area very closely).
- Pretty limited market impact from his comments, which suggest 50bp looks like a done deal for March.
- On that note, Lane provided a list of key data the ECB will be watching between then and April, including several ECB surveys - see text in image below.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.