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ECB Nightmare: Europe Sees ‘Most Abrupt’ Slowdown Since 2008
The ECB is in a real bind.
European economic activity decelerated markedly in June, PMIs out Thursday showed. With policymakers poised to ratchet rates higher starting at next month's meeting, efforts to clamp down on record-high inflation may throttle growth while doing little to address the proximate cause of rising prices. In short: Stagflation is all but inevitable.
The flash read on the bloc-wide gauge of services activity printed just 52.8 for June, down from 56.1 in May, nowhere near co
