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Eurozone Headline Inflation is Up, but Keep an Eye on Core
by Michael Althof of PIMCO, 2/1/17

We see little probability of high core inflation rates in the eurozone, but instead a gradual increase toward the ECB target of just below 2% over the next few years.

The Mess That Is the Eurozone Inflation-Linked Bond Market
by Michael Althof and Jeremie Banet of PIMCO, 1/17/12
Italian ILBs now mostly reflect credit risk and tend to trade at a discount to compensate for the higher volatility. Unless the eurozone collectively decides to inflate their way out of their sovereign debt problems through a large increase in the ECB balance sheet, Italian inflation-linked bonds are likely to keep trading like a more volatile and less liquid version of nominal Italian bonds. A European investor looking to secure consumption of real assets in the future may wish to think about alternative measures to help protect their real purchasing power when hedging real liabilities.
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