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Global Macro Comment

The lay of "The Land"

What do we really know about inflation? The state of the art was recently laid out by top academics and central bank economists at the "Inflation: Drivers & Dynamics" conference, held at the Federal Reserve Bank of Cleveland. In this comment we give a first-hand account of what was discussed in "The Land". The conference gave greater insight into the anchoring of inflation expectations at central banks' targets, mixed with a new understanding of inflation fundamentals. Change is often hard work, but policymakers would be smart to embrace these latest insights.

Global Macro Comment - The lay of "The Land"

Johan Löf

Senior Economist

Sweden

jolo22@handelsbanken.se

Latest analyses

2018-06-19

Fast Comment Sweden

2018-06-15

Global Macro Comment

2018-06-14

Fast Comment Sweden

Latest publications in

Fast Comment Finland — Strong GDP growth in Q1

  1. Q1 GDP grew by 1.2 percent q-o-q and 3.1 percent y-o-y
  2. Domestic demand made the biggest contribution to GDP growth, net exports turned negative
  3. Strong but gradually moderating growth likely to continue

Janne Ronkanen, Senior Economist | jaro06@handelsbanken.se

Fast Comment Denmark — A bit more speed in the economy than expected

  1. Preliminary GDP showed growth of 0.4% q-o-q in Q1 - a bit stronger than expected
  2. Car sales secured solid private consumption growth - but exports and investments disappointed
  3. We maintain our outlook of moderate growth but also that annual growth has peaked

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk

Fast Comment Norway — Preview: Housing prices in May, manufacturing output in April

  1. Housing prices trending higher
  2. But the supply/demand balance and higher interest rates will have a dampening effect
  3. Manufacturing output probably rose in April

Marius Gonsholt Hov, Senior Economist | maho60@handelsbanken.no

Fast Comment Norway — Credit indicator growth in line with market expectations; stable household debt growth

  1. Credit indicator growth at 6.3 percent in April, as expected
  2. Stable household debt growth
  3. Household debt growth lower than expected by Norges Bank, but housing prices on the strong side

Marius Gonsholt Hov, Senior Economist | maho60@handelsbanken.no

Fast Comment Sweden — GDP growth in the first quarter: sound start to the year, as the Swedish economy moves further into the boom

  1. GDP growth in line with expectations, but a downgrade to last year's data
  2. Healthy domestic demand, with consumption ever so steady
  3. We stick to our GDP forecast and our expectation for a Riksbank rate hike in December

Johan Löf, Senior Economist | jolo22@handelsbanken.se

Fast Comment Denmark — Spring mood in the industrial sector

  1. No sign of Italian crisis in industry (yet)
  2. Service sector disappoints slightly but construction picking up
  3. Barometers send overall positive signs of continued moderate growth

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk