They don't serve ice cubes in their drinks. They drive on the left-hand side of the road. And Inflation is also a little bit different in Europe. Despite this fact, inflation analysis in these respective regions often focuses on generalities and overlooks one particular difference. Let me explain ...
Let's focus only on two countries and two central banks: the U.S. and its Federal Reserve and Europe and its European Central Bank. If you haven't been hiding under a rock for the last year, then you probably have some kind of idea how their respective policies vary.
The Federal Reserve has knocked off more than 3% from its benchmark interest rate in the last year. In that same time, the European Central Bank has mostly stood its ground, mixing in one rate hike of 25 basis points that brought its benchmark up to 4.25%.
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