The Fed will raise rates a quarter point this week, the European Central Bank will move much slower. The EU economy was already meaningfully weaker than the US before Russia’s invasion. The US is the world’s #1 oil producer, EU nations produce little oil, and EU banks have exposure to Russia, while US banks have almost none. Also, EU inflation is largely energy-based, US inflation primarily demand-based. (Source: Dr. Elliot Eisenberg, the Bowtie Economist).

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