<ul><li>Important for ECB's credibility to be right with rate cuts</li><li>Still quite a lot of resilience in services inflation and wages</li><li>The equilibr
<p>US PPI dropped -0.2% mom in June versus expectation of 0.4% mom. PPI core dropped -0.3% mom versus expectation of 0.1% mom. Annually, PPI was unchanged at -0.8% yoy, below expectation of -0.4
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