- Prior +2.3%
- HICP +2.5% vs +2.5% y/y prelim
- Prior +2.4%
- Core CPI +2.7% vs +2.6% y/y prior
Spain HICP Y/Y
No changes to the preliminary estimates here. As mentioned for the French CPI, the data hasn't been much of importance for the market as the focus remains on the US-Iran war and the disruption in the Strait of Hormuz which is keeping oil prices elevated.
The market is pricing in two rate hikes for the ECB by year-end. In my opinion, these expectations are overblown as that would just increase the pressure on stock markets, tighten financial conditions further and exacerbate the negative impact on the broader economy.
