Even though the components of inflation that are directly linked to past inflation rates have played a big role in the recent rebound in CPI inflation, we think their influence will fade over the next...

The manufacturing PMIs out of Emerging Europe remained at weak levels in August suggesting that industry continues to be a drag on the region’s growth. That said, other survey data suggest that...

The reaction in Polish financial markets to the government’s draft budget for 2026 outlined this week, which envisages a deficit of 6.5% of GDP, has been limited, but we think investors may be too...

The decision by the Argentinian government to support the peso by raising required reserve ratios for banks highlights a point we’ve been making for a while – that the Milei administration is firmly...