{"id":20732,"date":"2024-04-12T11:25:01","date_gmt":"2024-04-12T10:25:01","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=20732"},"modified":"2024-04-12T11:25:01","modified_gmt":"2024-04-12T10:25:01","slug":"europe-and-us-policy-paths-to-diverge","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/","title":{"rendered":"Europe and US policy paths to diverge"},"content":{"rendered":"<h2>Chart of the Week<\/h2>\n<p>According to recent data, the economic gap between Europe and the US is growing. In Europe, growth remains flat and inflation is cooling. In the US, heady growth, solid job creation and lingering inflation reveal a remarkably strong economy. On the bond markets, US inflation data have pushed 10-year US Treasury\u2013German Bund spreads wider. The US 10-year yield has jumped to 4.5% while the German equivalent sits at 2.5%, a gap of around 200\u00a0bps.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-20733 \" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/GDS-12-04-2024-EN-300x141.jpg\" alt=\"\" width=\"954\" height=\"449\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/GDS-12-04-2024-EN-300x141.jpg 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/GDS-12-04-2024-EN-1024x481.jpg 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/GDS-12-04-2024-EN-768x360.jpg 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/GDS-12-04-2024-EN.jpg 1091w\" sizes=\"auto, (max-width: 954px) 100vw, 954px\" \/><\/p>\n<h3><b>OUR <\/b><b>ANALYSIS<\/b><\/h3>\n<p>Year-on-year inflation over the past 12 months in the US has been hovering around 3\u20134%, a relatively lofty level. According to data released on 10 April, it reached 3.5% in March 2024, up from January and February. Over the same period, eurozone inflation eased to 2.4%, down from the first two months of the year.<\/p>\n<p>As a result, markets are expecting fewer Fed rate cuts in 2024 and pushing back the timing. While forecasts made a few weeks ago were for three rate cuts this year, current forecasts are for one or two, starting in September. In contrast, the ECB is still expected to cut rates three times starting in June. Christine Lagarde confirmed this expectation at the ECB press conference on 11 April, when she stated that the ECB was data-dependent, not Fed-dependent.<\/p>\n<p>Having followed similar policy pathways since the Covid-19 pandemic, the Fed and ECB are clearly diverging. All eyes will be on what happens next.<\/p>\n<p>***<\/p>\n<p>Written on April 12, 2024. This is not an investment advice. Opinions subject to change.<\/p>\n<p>See also: <a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-composite-pmi-returns-to-growth\/\">https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-composite-pmi-returns-to-growth\/<\/a><\/p>\n<p>***<\/p>\n<p>This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the Week According to recent data, the economic gap between Europe and the US is growing. In Europe,&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":20730,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2621,2668,2669,1922],"class_list":["post-20732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-europ","tag-rate","tag-spread-en","tag-united-states"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Europe and US policy paths to diverge<\/title>\n<meta name=\"description\" content=\"According to recent data, the economic gap between Europe and the US is growing. In Europe, growth remains flat and inflation is cooling.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Europe and US policy paths to diverge\" \/>\n<meta property=\"og:description\" content=\"According to recent data, the economic gap between Europe and the US is growing. In Europe, growth remains flat and inflation is cooling.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/\" \/>\n<meta property=\"og:site_name\" content=\"Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-12T10:25:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/Untitled-design-21-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1708\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lazard Freres Gestion\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@LazardGestion\" \/>\n<meta name=\"twitter:site\" content=\"@LazardGestion\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lazard Freres Gestion\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/\"},\"author\":{\"name\":\"Lazard Freres Gestion\",\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/person\/4a2bad19c535814f1e1473d181f83e9c\"},\"headline\":\"Europe and US policy paths to diverge\",\"datePublished\":\"2024-04-12T10:25:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/\"},\"wordCount\":351,\"publisher\":{\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/Untitled-design-21-scaled.jpg\",\"keywords\":[\"Europ\",\"rate\",\"spread\",\"United States\"],\"articleSection\":[\"Chart of the week\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/\",\"url\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/\",\"name\":\"Europe and US policy paths to diverge\",\"isPartOf\":{\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/Untitled-design-21-scaled.jpg\",\"datePublished\":\"2024-04-12T10:25:01+00:00\",\"description\":\"According to recent data, the economic gap between Europe and the US is growing. In Europe, growth remains flat and inflation is cooling.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/#primaryimage\",\"url\":\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/Untitled-design-21-scaled.jpg\",\"contentUrl\":\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/Untitled-design-21-scaled.jpg\",\"width\":2560,\"height\":1708},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/#website\",\"url\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/\",\"name\":\"Tribune Lazard Fr\u00e8res Gestion\",\"description\":\"Blog\",\"publisher\":{\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization\",\"name\":\"Lazard Fr\u00e8res Gestion\",\"url\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/LOGOLINKEDINVF-2.png\",\"contentUrl\":\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/LOGOLINKEDINVF-2.png\",\"width\":5000,\"height\":5000,\"caption\":\"Lazard Fr\u00e8res Gestion\"},\"image\":{\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/x.com\/LazardGestion\",\"https:\/\/www.linkedin.com\/company\/lazard-freres-gestion\/\",\"https:\/\/www.youtube.com\/channel\/UCI1a03ScxMW6clPl82UO_tQ\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/person\/4a2bad19c535814f1e1473d181f83e9c\",\"name\":\"Lazard Freres Gestion\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g\",\"caption\":\"Lazard Freres Gestion\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Europe and US policy paths to diverge","description":"According to recent data, the economic gap between Europe and the US is growing. In Europe, growth remains flat and inflation is cooling.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/","og_locale":"en_US","og_type":"article","og_title":"Europe and US policy paths to diverge","og_description":"According to recent data, the economic gap between Europe and the US is growing. In Europe, growth remains flat and inflation is cooling.","og_url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/","og_site_name":"Tribune Lazard Fr\u00e8res Gestion","article_published_time":"2024-04-12T10:25:01+00:00","og_image":[{"width":2560,"height":1708,"url":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/Untitled-design-21-scaled.jpg","type":"image\/jpeg"}],"author":"Lazard Freres Gestion","twitter_card":"summary_large_image","twitter_creator":"@LazardGestion","twitter_site":"@LazardGestion","twitter_misc":{"Written by":"Lazard Freres Gestion","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/#article","isPartOf":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/"},"author":{"name":"Lazard Freres Gestion","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/person\/4a2bad19c535814f1e1473d181f83e9c"},"headline":"Europe and US policy paths to diverge","datePublished":"2024-04-12T10:25:01+00:00","mainEntityOfPage":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/"},"wordCount":351,"publisher":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization"},"image":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/#primaryimage"},"thumbnailUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/Untitled-design-21-scaled.jpg","keywords":["Europ","rate","spread","United States"],"articleSection":["Chart of the week"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/","url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/","name":"Europe and US policy paths to diverge","isPartOf":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/#primaryimage"},"image":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/#primaryimage"},"thumbnailUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/Untitled-design-21-scaled.jpg","datePublished":"2024-04-12T10:25:01+00:00","description":"According to recent data, the economic gap between Europe and the US is growing. In Europe, growth remains flat and inflation is cooling.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-and-us-policy-paths-to-diverge\/#primaryimage","url":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/Untitled-design-21-scaled.jpg","contentUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/Untitled-design-21-scaled.jpg","width":2560,"height":1708},{"@type":"WebSite","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#website","url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/","name":"Tribune Lazard Fr\u00e8res Gestion","description":"Blog","publisher":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/latribune.lazardfreresgestion.fr\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization","name":"Lazard Fr\u00e8res Gestion","url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/logo\/image\/","url":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/LOGOLINKEDINVF-2.png","contentUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/LOGOLINKEDINVF-2.png","width":5000,"height":5000,"caption":"Lazard Fr\u00e8res Gestion"},"image":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/LazardGestion","https:\/\/www.linkedin.com\/company\/lazard-freres-gestion\/","https:\/\/www.youtube.com\/channel\/UCI1a03ScxMW6clPl82UO_tQ"]},{"@type":"Person","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/person\/4a2bad19c535814f1e1473d181f83e9c","name":"Lazard Freres Gestion","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g","caption":"Lazard Freres Gestion"}}]}},"_links":{"self":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts\/20732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/users\/101016"}],"replies":[{"embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/comments?post=20732"}],"version-history":[{"count":1,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts\/20732\/revisions"}],"predecessor-version":[{"id":20735,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts\/20732\/revisions\/20735"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/media\/20730"}],"wp:attachment":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/media?parent=20732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/categories?post=20732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/tags?post=20732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}