Headline inflation has been trending down but recently this trend has halted. Core inflation remains sticky. Our supply bottlenecks indicator shows no sign of supply disruptions.
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Miguel Jiménez
Lead Economist
Madrid
He works at BBVA Research since 2007, where hecurrently leads the unit of Global Macroeconomic Scenarios. He previously worked in the Economics Departmentof the OECD, where he dealt with macroeconomic analysis in the Spanish, Swiss and Greek desks and worked on issues such as labour markets, pensionsystems, immigration and competition policy.
He holds a degree in Economics from the UniversidadAutónoma de Madrid, a Masters degree in Public Spending from the Institute ofFiscal Studies and a PhD in Economics from the European University Institute in Florence.He was also a lecturer in Economics at the EuropeanUniversity of Madrid. He has published in international academic journals, andcollaborates periodically with the Spanish economics press.Latest publications
It is clear that after this hike the ECB is prepared for a long pause and probably the end of the hiking cycle, although further rate hikes cannot be completely ruled out as inflation could surprise to the upside and the ECB has said that it remains in a data-dependent mode.
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There were no surprises at Thursday's European Central Bank (ECB) meeting, nor at Wednesday's US Federal Reserve (Fed) meeting. In both cases, it was decided to raise reference interest rates, the ECB to 4.25% (the refi rate) and the Fed to 5.50%.
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