UBS On-Air: Paul Donovan Daily Audio 'Moderating growth, gradually cooling inflation'

French fourth-quarter GDP came in very slightly stronger than expected, with a 0.1% increase in activity. This follows from a drop in the German data yesterday—although every preliminary German GDP release in 2022 was subsequently revised higher. Consumers are dragging down economic activity as negative real wage growth starts to overwhelm the willingness or ability to leverage household balance sheets.