More from Uncle Ewald

  • Monetary policy isn't the only influence on inflation
  • Energy prices are playing a key role for inflation
  • Inflation is rising because of energy prices

That begs the question, is QE working or are we just seeing the effect of energy prices stabilising?

And we can't pass without a comment or two on Greece;

  • Greece uncertainty has almost no impact on Europe's economy
  • Markets are right to see Greece as a special case