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Disinflation has to be ‘timely’ and ‘sustainable’ German growth not broken and demonstrating resilience Proximity to war in Ukraine part of the reason for differing economic paths for US and Europe Changing inflation target would be ‘deceptive’ and counter to anchoring expectations That’s a dovish headline from Lagarde, though hardly a signal about a Sept

Jobs market cooling a bit but still extremely strong Goods inflation has been tough to bring down Highlights improvements in US productivity as disinflationary Fed has to be patient, monetary policy has lags Question should be: How long are we going to stay at these levels, not about when the next hike will be Holding