ECB forecasts ‘gradual’ increase in US inflation
Prognosis matches that of the FOMC
The labour market recovery in the US will "gradually" feed into higher prices and wage pressures over time, according to staff at the European Central Bank (ECB) in its latest economic bulletin.
A section of the bulletin, released yesterday, analyses the relationship between inflation and labour market slack – a version of the Philipps curve – in a bid to understand price developments since the crisis.
In doing so it utilises four different measures of the unemployment gap in the US economy
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