Allianz chief economist Ludovic Subran said US nonfarm payrolls were weak but he
still expects inf to peak above 3.7% as AI, fiscal stimulus and the energy
sector sustain growth, and that the Fed may have to hike in September, creating
a US-Europe policy divergence. He expects the ECB not to follow up after last
month’s insurance hike and warned Iran-related war scars will take time to
materialize; the economy remains affected but is notably better than a few weeks
ago.
