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Opinion
John Authers

Watch for Waves From Europe's Evolving Inflation Shock

Christine Lagarde and the European Central Bank are in a pivotal position, and the range of possible actions is unusually open.

Plenty to ponder for Christine Lagarde.

Plenty to ponder for Christine Lagarde.

Photographer: Chip Somodevilla/Getty Images 

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Stand by for some crucial data points. Friday brings an update of US inflation for May, and nothing at present is more important to the future of monetary policy across the world. The last few days have seen an outbreak of cold feet over previously confident predictions that it would show a second monthly decline, so it has the potential to move markets. Before that, we hear from Christine Lagarde and the European Central Bank, which finds itself in a pivotal position.