- European trade with US is 17%
- Disinflationary path is clearly on its way
- The US has a trade surplus in the EU with services
- Downside risk on growth "is pretty much a given" and not just in Europe
- The net impact of tariffs is to be seen
- We don't see a recession in the eurozone
The euro is down 48 pips to 1.1465 today but largely unmoved on these comments
