The ECB joins the club
The European Central Bank joined The Fed in raising rates by 75 bps. Both are expected to raise another 75 bps at their next decision.
US Stocks rebounded nearly 4% this week, fully reversing last week’s continued negative reaction to the Fed Chairman’s speech at Jackson Hole. The ECB joined the “75 bps” club when they raised rates again this week. Both the Fed and ECB are signaling another 75 bps in their next move. But our headline of the week is the passing of Queen Elizabeth II.
- Flags are at half staff in many corners of the world to honor the Queen.
- A lot has changed in the 70 years of the Queen’s reign. The UK economy is about five times larger today, for example.
- But some things are very similar. The UK faced inflation of over 11% back in 1952, in part due to the Korean War. Today, CPI inflation stands around 10%, in part due to the war in Ukraine.
- It is the end of a truly remarkable era.
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