USA: Signs of a positive turnaround in the housing market are hampering the work of the US Federal Reserve. Eurozone: Industrial weakness is more pronounced, pressure on goods prices is likely to ease significantly. China: Inflationary pressure remains low while the recovery continues to falter.

Florence Hartmann, Economist Developed Markets, Swiss Life Asset Managers, comments on the current state of the economy.

Chart of the month

graphic shows Forecast for Swiss GDP growth in 2022

The supply chain shocks in the goods and transport sector have been overcome. New equilibrium prices have emerged on the commodity markets following the uncertainty in 2022. Price pressure at the producer level is easing accordingly. China is currently exporting disinflation again. In Switzerland, producer price developments are about four months ahead of consumer prices. A further fall in inflation at consumer level can therefore be expected. The extent of this decline remains dependent on the price-setting power of companies and the price development in the services sector. 

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