It was a hair-raising day for Christine Lagarde and her cammarilla of central planners in Frankfurt. First Japan declared the phase of deflation to be over and then came hot inflation figures from the USA. Bad news when you consider that the major central banks are in a kind of chicken game of 'who cuts firsts loses' and the eurozone has been losing billions in investment abroad for years thanks to overregulation and the recession that is driving the bloc further and further into a corner economically and geopolitically.
Their last ally in the fight against the return of a free market mechanism on the bond markets which would spike their interest rates to the sky and themselves into economic hell appears to be the US government. It is driving the budget into a fiscal catastrophe with trillions of dollars of new debt and thus distracting from the structural bankruptcy of the eurozone with its dysfunctional currency.
So far, this charade has been more or less successful, but has not been able to prevent the increasing deindustrialization of Germany, for example. How dare that nobody in the world will follow there cry for a Net Zero cripple economy!
The erratic war cries of French President Macron must also be placed in this context, as it is becoming clear that the European Union is facing a gigantic financial debacle and that its ideological disaster policy is coming to an end. Without the much-vaunted Eurobonds, introduced via war bonds against an invading Russia, the beautiful green communist Europe is over.