Diving in the alphabet soup

Although the market’s reaction was positive, the European Central Bank (ECB)’s press conference leaned to the hawkish side on substance. Yet, Lagarde’s openness to use an “anti-fragmentation” weapon is reassuring. We need to go back to 2012 to explore the possible avenues for the ECB on this matter. Core inflation surprised to the downside in the US in March. It’s too early to call for the inflation rollover though