"Sticky" inflation drivers to force the Fed's hand

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      <subfield code="a">US inflation stickiness will carry on well into 2023 and pressure profitability in non-life insurance. While goods inflation is decelerating, services inflation pressures persist. Moreover, many of the current inflation drivers are insensitive to high interest rates. As a result, we see the Fed inducing a recession to avoid a more corrosive de-anchoring of inflation expectations.</subfield>
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