The European Central Bank insists it won’t take any cues from the Federal Reserve as it prepares to start cutting interest rates first — but its subsequent policy path may well be shaped by what happens in the US all the same.
Trends driving the world’s largest economy usually don’t take long to spill into other regions, impacting financing conditions and exchange rates almost immediately — and inflation, trade and other metrics further out. So policymakers elsewhere can’t really escape the Fed’s gravitational pull when assessing the fate of their own economies.
Source: Bloomberg
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