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Both Sides. One Tell.
Thursday delivered the same message twice, on two continents, inside six hours.
In Washington, May producer prices ran hot in exactly the place the doves did not want: the measure that strips out food, energy and trade services rose 0.8% on the month against a 0.3% consensus, more than double the expected pace. In Frankfurt, the ECB raised rates for the first time since 2023, the first G7 central bank to tighten into the Middle East energy crisis, and justified the move on a “broadening” of price rises across the euro area.
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