That is really rather a mess as we know it rallied into the 132s. Anyway this leads me to my first two thoughts. Number one is that inflation levels will fall as we head into 2023. But care is needed with that because as we stand that simply means that prices will rise more slowly rather than actually fall. Also in Europe a lot of the trend depends on government intervention in energy prices as any halt to that will push inflation back up again. Number two is that we start it with trends for the Japanese Yen look much better. The caveat here is that the carry is against you as short-term US bonds yield about 4% more so the moves are likely to be knee-jerk and patchy like we saw earlier this week.
National Politics
Thomas Piketty: A Queen with no Lord?
With the death of Elizabeth II, it is tempting to talk about the immutability of British institutions, in contrast to France and its many revolutions and constitutions. In reality, things are more complex, and the […]
Deregulation
Jacobin: Saving France’s Railways
An interview with Bruno Poncet Yesterday, French rail workers kicked off months of rolling strikes against Macron’s attacks on their working conditions. Read here
Economics
Eurostat: Euro area annual inflation up to 8.1%
This will be hitting the real incomes of low-paid workers hard. Time for a tax break for rich EU citizens and corporations. Read Here
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