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Who’s afraid of the big bad monetary differential? We should not take the European Central Bank (ECB) for a house of straw and wood, an error that Goldman Sachs experts obviously do not make when examining the risks of imported inflation in developed countries in the event of a divergence in lower interest rates with the US Federal Reserve.
These are in reality very low, less than 0.2% of additional inflation for each percent of divergence, which therefore does not pose a problem as long as it remains reasonable (below 2.5%). However, it will be all the easier to assume as other central banks follow the first movement, underlines the American bank.
As ING summarizes, the most important thing is therefore not to know who will start the dance of lowering rates, but who will follow suit.
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