Weekly Market Recap – June 10, 2024

The European Central Bank (ECB) began hiking rates in August 2022, five months after the Fed. Since then, both
central banks have largely raised rates in tandem. Last week, however, the ECB diverged from its usual alignment
with the Fed and cut rates by 25bps to 3.75%. Despite a slight upside surprise in May’s preliminary inflation data,
inflation in Europe has stabilized since February, remaining relatively flat and below levels in the U.S.

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