If you're inclined to couch everything in hyperbolic terms, Mario Draghi faced a veritable "rebellion" at the latest ECB meeting. "Rebellion" is probably a bit strong, considering we're talking about monetary policy deliberations, not the storming of any ramparts, but regardless, there was dissension.
But the latest read on inflation seemingly underscores the extent to which Europe is trudging slowly down the road to Japanification, which ostensibly makes the case for more monetary easing, in line with the new package of measures announced last month.
Flash September CPI printed just 0.9% YoY, missing estimates and falling further away from the central bank's target. The core read was 1%. It was the first time core eclipsed the headline rate since 2016.
Final PMIs for Europe out Tuesday confirmed the gloomy picture painted by the initial estimates, which, you're reminded, included a 123-month low on IHS Markit's factory gauge for Germany and similarly underwhelming (if not wholly disastrous) reads on French manufacturing and services.
The irony, as ever, is that while the ongoing deceleration in both inflation and growth across the pond will be cited as "evidence" in favor of
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