Before last year, Americans hadn’t seen inflation at levels this high since 1982.

Germany’s economy heads for a cold winter

Just two weeks after German chancellor Olaf Scholz said he was “absolutely convinced that this will not happen—Germany going into a recession,” Europe’s largest economy looks like it is headed for just that.

Germany’s economy, expected to stay flat in the fourth quarter, instead shrank by an adjusted 0.2% from the previous quarter.

The downturn, which German economic minister Robert Habeck blamed on high energy prices caused by Russia’s invasion of Ukraine, made the possibility of a mild recession much more likely. We’ll know this week whether that will be enough to make the ECB reconsider its expected path on rate hikes.

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💰 The US is not in a recession

🇪🇺Why Goldman Sachs is no longer predicting a recession for the euro zone

💵 Fed officials predict interest rates hikes until 2023

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