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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.
EUROZONE DATA
The ECB's favoured underlying inflation metric saw a second consecutive uptick in February.
- Overall PCCI (persistent/common component) was 2.13% Y/Y (vs 1.94% prior), while PCCI ex-energy/food was 2.05% Y/Y (vs 1.89% prior).
- It is still too early to tell whether the Jan/Feb PCCI data signifies a reversal in underlying inflation momentum. Prior to the last two upticks, the PCCI ex-energy/food measure declined for 10 consecutive months from a peak of 4.00% Y/Y.
- Nonetheless, the data will be viewed alongside similar rises in core/services inflation momentum in February, underscoring the ECB's need for "more confidence" that inflation is sustainably on its way to the 2% target before easing policy rates.
- This supports the apparent Governing Council consensus eyeing a first cut not before the June meeting, by when significantly more data on price pressures will be available.
- Other ECB-calculated underlying inflation metrics nonetheless decelerated in February, with the 10% trimmed mean and weighted median measured printing below 3% for the first time in 28 and 25 months respectively.
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.
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