German Inflation Comes In Below Expectations
Germany's preliminary October CPI rose just 2.8% YoY, well below the 3.1% consensus, with monthly prices falling 0.2%. This is a meaningful beat for ECB rate-cut expectations.
What we know
An account on X breaks down the full print: harmonized CPI +2.8% YoY (est. +3.0%), MoM -0.2% vs +0.1% expected. Another account on X confirms the HICP also at 2.8%. The data comes alongside US Treasury yields already declining after in-line Q3 ECI data: the 10yr was last at 4.927% (-6bps). The ECB is also requesting EU leaders begin a search for Chief Economist Philip Lane's successor. Another account on X separately notes the bond market is rebounding and softer inflation is a tailwind for fixed income.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.