{"id":460678,"date":"2024-07-03T14:17:12","date_gmt":"2024-07-03T14:17:12","guid":{"rendered":"https:\/\/www.mapfream.com\/inflacion-condicionara-movimientos-bce\/"},"modified":"2024-07-10T10:19:29","modified_gmt":"2024-07-10T10:19:29","slug":"inflacion-condicionara-movimientos-bce","status":"publish","type":"post","link":"https:\/\/www.mapfream.com\/en\/inflacion-condicionara-movimientos-bce\/","title":{"rendered":"Inflation will condition the ECB's movements"},"content":{"rendered":"<p>[et_pb_section fb_built=\"1\" _builder_version=\"4.25.1\" _module_preset=\"default\" background_color=\"#F4F4F4\" background_image=\"https:\/\/www.mapfream.com\/media\/Billete-euro-1600-scaled.jpg\" background_position=\"center_left\" height=\"100px\" custom_margin=\"0px||20px||false|false\" custom_padding=\"0px||0px||true|false\" custom_css_main_element=\"min-height: 343px;||display: flex;||align-items: flex-end;\" locked=\"off\" global_colors_info=\"{}\"][et_pb_row column_structure=\"3_5,2_5\" _builder_version=\"4.20.4\" _module_preset=\"default\" custom_margin=\"0px||0px||true|false\" custom_padding=\"0px||0px||true|false\" global_colors_info=\"{}\"][et_pb_column type=\"3_5\" _builder_version=\"4.16\" _module_preset=\"default\" background_color=\"#ffffff\" custom_padding=\"35px||0px||false|false\" box_shadow_style=\"preset1\" box_shadow_horizontal=\"-240px\" box_shadow_vertical=\"0px\" box_shadow_blur=\"0px\" box_shadow_color=\"#ffffff\" global_colors_info=\"{}\"]<\/p>\n<p>[et_pb_post_title meta=\"off\" featured_image=\"off\" admin_label=\"T\u00edtulo de publicaci\u00f3n\" _builder_version=\"4.20.4\" _module_preset=\"default\" title_font_size=\"38px\" title_line_height=\"1.3em\" width=\"80%\" module_alignment=\"left\" custom_margin=\"||15px||false|false\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"][\/et_pb_post_title][et_pb_post_title title=\"off\" author=\"off\" categories=\"off\" comments=\"off\" featured_image=\"off\" admin_label=\"Fecha de publicaci\u00f3n\" _builder_version=\"4.25.1\" _module_preset=\"default\" title_font=\"||||||||\" meta_font=\"|||on|||||\" meta_font_size=\"12px\" custom_margin=\"||0px||false|false\" locked=\"off\" global_colors_info=\"{}\"][\/et_pb_post_title][et_pb_post_title title=\"off\" author=\"off\" date=\"off\" comments=\"off\" featured_image=\"off\" admin_label=\"Categor\u00edas de publicaci\u00f3n\" _builder_version=\"4.16\" _module_preset=\"default\" meta_text_color=\"#9a9a9a\" meta_font_size=\"16px\" locked=\"off\" global_colors_info=\"{}\"][\/et_pb_post_title]<\/p>\n<p>[\/et_pb_column][et_pb_column type=\"2_5\" _builder_version=\"4.16\" _module_preset=\"default\" global_colors_info=\"{}\"][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.16\" custom_padding=\"0px||0px||true|false\" locked=\"off\" global_colors_info=\"{}\"][et_pb_row column_structure=\"1_4,3_4\" _builder_version=\"4.25.1\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"1_4\" _builder_version=\"4.16\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_blurb title=\"Redacci\u00f3n Mapfre\" image=\"https:\/\/www.mapfream.com\/media\/2021\/01\/redaccion-mapfre.jpeg\" alt=\"Redacci\u00f3n Mapfre\" icon_placement=\"left\" admin_label=\"Redacci\u00f3n Mapfre\" module_class=\"staff_blurb_image\" _builder_version=\"4.23\" header_font=\"|600|||||||\" header_text_color=\"#2d373d\" header_font_size=\"17px\" body_text_color=\"#526570\" body_font_size=\"14px\" body_line_height=\"1.5em\" max_width_tablet=\"\" max_width_phone=\"\" max_width_last_edited=\"on|tablet\" hover_transition_delay=\"100ms\" hover_transition_speed_curve=\"linear\" custom_css_blurb_content=\"color:\" border_radii_image=\"on|50px|50px|50px|50px\" global_module=\"402926\" locked=\"off\" global_colors_info=\"{}\" header_text_color__hover_enabled=\"off|desktop\" custom_css_blurb_title__hover_enabled=\"on|hover\" custom_css_blurb_content__hover_enabled=\"on|hover\" custom_css_blurb_content__hover=\"color: #d81e04;\"]<\/p>\n<p><img decoding=\"async\" style=\"width: 15px !important; height: 15px !important; margin-right: 5px;\" src=\"https:\/\/www.mapfream.com\/media\/2021\/05\/icon-twitter-e1620987091233.png\" alt=\"Twitter icon\" data-src=\"https:\/\/www.mapfre.com\/contents\/lib\/mapfre-com\/includes\/modules\/Author\/images\/icon-twitter.png\" \/><a href=\"https:\/\/twitter.com\/mapfreinvests\" target=\"_blank\" rel=\"noopener noreferrer\">@Mapfre<\/a><\/p>\n<p>[\/et_pb_blurb][et_pb_divider show_divider=\"off\" _builder_version=\"4.16\" background_color=\"#D81E04\" width=\"107px\" max_height=\"5px\" custom_margin=\"20px||20px||true|false\" custom_padding=\"||||false|false\" locked=\"off\" global_colors_info=\"{}\"][\/et_pb_divider][\/et_pb_column][et_pb_column type=\"3_4\" _builder_version=\"4.16\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text content_tablet=\"<\/p>\n<p>Inflation in the eurozone, despite the notable decline seen since peaking in 2022, continues to fall less quickly than the European Central Bank (ECB) would like. After learning yesterday that inflation in Europe was 2.5% in June, Alberto Matell\u00e1n, chief economist at MAPFRE Inversi\u00f3n, explained that this level, although \u201creasonable,\u201d will continue to limit the ECB as far as future interest rate cuts go.<\/p>\n<p>\u201cInflation is showing resistance to falling, that's what sets everything apart,\u201d Matell\u00e1n summarized in an interview on Radio Intereconom\u00eda. Although prices have receded by one tenth compared to the previous month, \u201cgetting it down more is proving to be difficult\u201d, as it\u2019s mainly supply-driven inflation, which \u201cis largely beyond our control, and this conditions the ECB's movements,\u201d said Matell\u00e1n.<\/p>\n<p>This week's declarations by central bankers, and not just in the United States, confirm that there is still a problem, so they want to wait and see how the evolution of macroeconomic variables goes. In Matell\u00e1n\u2019s opinion, this means that \u201cthe rate drop scenario may take longer to manifest, but it\u2019s still the overall goal.\u201d<\/p>\n<p>Furthermore, the elections in France have had an impact on the market, but this has been moderating throughout the week. \u201cThe markets are saying that the change may not be as extreme as had been suggested,\u201d according to the chief economist at MAPFRE Inversi\u00f3n. Until the second round of French legislation has passed, there will still be \u201ca lot of noise,\u201d he predicted, but \u201cwhat really matters is what they\u2019re going to do, and we\u2019ll see that in due course\u201d.<\/p>\n<p>This Thursday sees the United Kingdom vote for its next prime minister, in an election that may generate some impact, but \u201cquite limited in time,\u201d says Matell\u00e1n, in that economic policy will not suffer radical change.<\/p>\n<p>Corporate earnings released this week aren\u2019t \u201cas good as we would have liked,\u201d said Matell\u00e1n, though the drop was in line with expectations. The weak growth is coming mainly from services, with industry far from firing on all pistons, although the economist estimates that the industrial sector will improve \u201cin the coming months.\u201d<\/p>\n<p>Finally, oil has peaked in the last two months, with Brent crude prices at around 57 dollars a barrel, an increase that\u2019s explained by three factors:<\/p>\n<ul>\n<li>Structural changes with producers - until recently, OPEC meetings reached conclusions that didn\u2019t later materialize, but they are now acting in a more coordinated manner.<\/li>\n<li>A slight improvement in economic growth.<\/li>\n<li>Short-term tensions in certain geographical areas.<\/li>\n<\/ul>\n<p>All of this pushes the price of crude oil upward, but \u201cfor a limited period of time, so it could stabilize in a while.\u201d<\/p>\n<p>\" content_phone=\"<\/p>\n<p>Inflation in the eurozone, despite the notable decline seen since peaking in 2022, continues to fall less quickly than the European Central Bank (ECB) would like. After learning yesterday that inflation in Europe was 2.5% in June, Alberto Matell\u00e1n, chief economist at MAPFRE Inversi\u00f3n, explained that this level, although \u201creasonable,\u201d will continue to limit the ECB as far as future interest rate cuts go.<\/p>\n<p>\u201cInflation is showing resistance to falling, that's what sets everything apart,\u201d Matell\u00e1n summarized in an interview on Radio Intereconom\u00eda. Although prices have receded by one tenth compared to the previous month, \u201cgetting it down more is proving to be difficult\u201d, as it\u2019s mainly supply-driven inflation, which \u201cis largely beyond our control, and this conditions the ECB's movements,\u201d said Matell\u00e1n.<\/p>\n<p>This week's declarations by central bankers, and not just in the United States, confirm that there is still a problem, so they want to wait and see how the evolution of macroeconomic variables goes. In Matell\u00e1n\u2019s opinion, this means that \u201cthe rate drop scenario may take longer to manifest, but it\u2019s still the overall goal.\u201d<\/p>\n<p>Furthermore, the elections in France have had an impact on the market, but this has been moderating throughout the week. \u201cThe markets are saying that the change may not be as extreme as had been suggested,\u201d according to the chief economist at MAPFRE Inversi\u00f3n. Until the second round of French legislation has passed, there will still be \u201ca lot of noise,\u201d he predicted, but \u201cwhat really matters is what they\u2019re going to do, and we\u2019ll see that in due course\u201d.<\/p>\n<p>This Thursday sees the United Kingdom vote for its next prime minister, in an election that may generate some impact, but \u201cquite limited in time,\u201d says Matell\u00e1n, in that economic policy will not suffer radical change.<\/p>\n<p>Corporate earnings released this week aren\u2019t \u201cas good as we would have liked,\u201d said Matell\u00e1n, though the drop was in line with expectations. The weak growth is coming mainly from services, with industry far from firing on all pistons, although the economist estimates that the industrial sector will improve \u201cin the coming months.\u201d<\/p>\n<p>Finally, oil has peaked in the last two months, with Brent crude prices at around 57 dollars a barrel, an increase that\u2019s explained by three factors:<\/p>\n<ul>\n<li>Structural changes with producers - until recently, OPEC meetings reached conclusions that didn\u2019t later materialize, but they are now acting in a more coordinated manner.<\/li>\n<li>A slight improvement in economic growth.<\/li>\n<li>Short-term tensions in certain geographical areas.<\/li>\n<\/ul>\n<p>All of this pushes the price of crude oil upward, but \u201cfor a limited period of time, so it could stabilize in a while.\u201d<\/p>\n<p>\" content_last_edited=\"on|phone\" admin_label=\"Content\" _builder_version=\"4.25.1\" _module_preset=\"default\" text_font=\"Open Sans||||||||\" text_text_color=\"#2D373D\" text_orientation=\"justified\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"]<\/p>\n<p>Inflation in the eurozone, despite the notable decline seen since peaking in 2022, continues to fall less quickly than the European Central Bank (ECB) would like. After learning yesterday that inflation in Europe was 2.5% in June, Alberto Matell\u00e1n, chief economist at MAPFRE Inversi\u00f3n, explained that this level, although \u201creasonable,\u201d will continue to limit the ECB as far as future interest rate cuts go.<\/p>\n<p>\u201cInflation is showing resistance to falling, that's what sets everything apart,\u201d Matell\u00e1n summarized in an interview on Radio Intereconom\u00eda. Although prices have receded by one tenth compared to the previous month, \u201cgetting it down more is proving to be difficult\u201d, as it\u2019s mainly supply-driven inflation, which \u201cis largely beyond our control, and this conditions the ECB's movements,\u201d said Matell\u00e1n.<\/p>\n<p>This week's declarations by central bankers, and not just in the United States, confirm that there is still a problem, so they want to wait and see how the evolution of macroeconomic variables goes. In Matell\u00e1n\u2019s opinion, this means that \u201cthe rate drop scenario may take longer to manifest, but it\u2019s still the overall goal.\u201d<\/p>\n<p>Furthermore, the elections in France have had an impact on the market, but this has been moderating throughout the week. \u201cThe markets are saying that the change may not be as extreme as had been suggested,\u201d according to the chief economist at MAPFRE Inversi\u00f3n. Until the second round of French legislation has passed, there will still be \u201ca lot of noise,\u201d he predicted, but \u201cwhat really matters is what they\u2019re going to do, and we\u2019ll see that in due course\u201d.<\/p>\n<p>This Thursday sees the United Kingdom vote for its next prime minister, in an election that may generate some impact, but \u201cquite limited in time,\u201d says Matell\u00e1n, in that economic policy will not suffer radical change.<\/p>\n<p>Corporate earnings released this week aren\u2019t \u201cas good as we would have liked,\u201d said Matell\u00e1n, though the drop was in line with expectations. The weak growth is coming mainly from services, with industry far from firing on all pistons, although the economist estimates that the industrial sector will improve \u201cin the coming months.\u201d<\/p>\n<p>Finally, oil has peaked in the last two months, with Brent crude prices at around 57 dollars a barrel, an increase that\u2019s explained by three factors:<\/p>\n<ul>\n<li>Structural changes with producers - until recently, OPEC meetings reached conclusions that didn\u2019t later materialize, but they are now acting in a more coordinated manner.<\/li>\n<li>A slight improvement in economic growth.<\/li>\n<li>Short-term tensions in certain geographical areas.<\/li>\n<\/ul>\n<p>All of this pushes the price of crude oil upward, but \u201cfor a limited period of time, so it could stabilize in a while.\u201d<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inflation in the eurozone, despite the notable decline seen since peaking in 2022, continues to fall less quickly than the European Central Bank (ECB) would like. After learning yesterday that inflation in Europe was 2.5% in June, Alberto Matell\u00e1n, chief economist at MAPFRE Inversi\u00f3n, explained that this level, although \u201creasonable,\u201d will continue to limit the ECB as far as future interest rate cuts go.<\/p>\n","protected":false},"author":51,"featured_media":460670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-460678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mapfre AM<\/title>\n<meta name=\"description\" content=\"Inflation in the eurozone, despite the notable decline seen since peaking in 2022, continues to fall less quickly than the European Central Bank (ECB) would like. 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After learning yesterday that inflation in Europe was 2.5% in June, Alberto Matell\u00e1n, chief economist at MAPFRE Inversi\u00f3n, explained that this level, although \u201creasonable,\u201d will continue to limit the ECB as far as future interest rate cuts go.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.mapfream.com\/en\/inflacion-condicionara-movimientos-bce\/\" \/>\n<meta property=\"og:site_name\" content=\"Mapfre AM\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-03T14:17:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-10T10:19:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.mapfream.com\/wp-content\/uploads\/Billete-euro-736-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2881\" \/>\n\t<meta property=\"og:image:height\" content=\"2646\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Javier Caama\u00f1o Malagon\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Javier Caama\u00f1o Malagon\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.mapfream.com\/en\/inflacion-condicionara-movimientos-bce\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.mapfream.com\/en\/inflacion-condicionara-movimientos-bce\/\"},\"author\":{\"name\":\"Javier Caama\u00f1o Malagon\",\"@id\":\"https:\/\/www.mapfream.com\/en\/#\/schema\/person\/3d742c61ad7e0e03532d5f2c7bdd9928\"},\"headline\":\"Inflation will condition the ECB's movements\",\"datePublished\":\"2024-07-03T14:17:12+00:00\",\"dateModified\":\"2024-07-10T10:19:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.mapfream.com\/en\/inflacion-condicionara-movimientos-bce\/\"},\"wordCount\":1929,\"image\":{\"@id\":\"https:\/\/www.mapfream.com\/en\/inflacion-condicionara-movimientos-bce\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.mapfream.com\/wp-content\/uploads\/Billete-euro-736-scaled.jpg\",\"articleSection\":[\"Markets research\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.mapfream.com\/en\/inflacion-condicionara-movimientos-bce\/\",\"url\":\"https:\/\/www.mapfream.com\/en\/inflacion-condicionara-movimientos-bce\/\",\"name\":\"Inflation will condition the ECB's movements\",\"isPartOf\":{\"@id\":\"https:\/\/www.mapfream.com\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.mapfream.com\/en\/inflacion-condicionara-movimientos-bce\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.mapfream.com\/en\/inflacion-condicionara-movimientos-bce\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.mapfream.com\/wp-content\/uploads\/Billete-euro-736-scaled.jpg\",\"datePublished\":\"2024-07-03T14:17:12+00:00\",\"dateModified\":\"2024-07-10T10:19:29+00:00\",\"author\":{\"@id\":\"https:\/\/www.mapfream.com\/en\/#\/schema\/person\/3d742c61ad7e0e03532d5f2c7bdd9928\"},\"description\":\"Inflation in the eurozone, despite the notable decline seen since peaking in 2022, continues to fall less quickly than the European Central Bank (ECB) would like. 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