Geopolitics and fiscal excess are fueling price pressures in global macro. But there’s one actor that could combine the two and undermine the inflationary momentum
![EM by EM #39: All roads out of China lead to goods disinflation](https://stenoresearch.com/wp-content/uploads/2023/04/Skaermbillede_2023-03-27_kl._12.44.24-1080x675.png)
Geopolitics and fiscal excess are fueling price pressures in global macro. But there’s one actor that could combine the two and undermine the inflationary momentum
We see between 0.20-0.25%-points lower inflation in the Euro area than the consensus and the first evidence is already gathering in Germany. Expect EUR inflation to be below target by March-2024 at the very latest.