The September 2021 edition of Numera Analytics’ Global Macro Perspectives report features in-depth commentary of the key macro themes shaping the global economic outlook, as well as our latest country and regional views on growth, inflation, and exchange rates. 

Rising inflationary pressures have reached Europe. Headline inflation in the Euro area rose to 3% in August, shooting past the ECB’s 2% target. Earlier today, the ECB published their updated inflation, expecting higher inflation in H2/21 but a sharp deceleration in 2022. As we argue in this month’s edition, we believe that both the ECB and market participants may be underpricing inflationary risk.

Please note that Numera clients are now able to download the 22 charts in Global Macro Perspectives via our new Macro client website. If you would like a website tour, please contact Chris Cook at