{
  "id": 5711592,
  "title": "La ‘trumpflation’ agarrota al BCE",
  "url": "https://urgent.news/2026/09/05/la-trumpflation-agarrota-al-bce",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-05T03:45:01.000Z",
  "source": {
    "name": "El Pais Economia",
    "slug": "el-pais-economia",
    "url": "https://elpais.com/economia/2026-09-05/la-trumpflation-agarrota-al-bce.html"
  },
  "original_language": "es",
  "account": "The current inflationary surge is causing toxic results: higher interest rates from central banks dampen growth and employment. However, this is not solely due to excessive money supply overheating the economy. Political actions, primarily those of Donald Trump, are largely responsible for igniting this phenomenon. It is known as \"trumpflation\" and originates from rising energy costs due to war (and/or blockade) against Iran, making it increasingly expensive to finance U.S. deficits and debt. This raises concerns, as soaring capital demand from Trump's tech companies competes with public assets and raises costs even further. In an attempt to lower interest rates, the U.S. Treasury employs various tricks, but Federal Reserve Chair Kevin Warsh has vowed to fight inflation. August's inflation rate reached 3.4%, up from 3.3% in February, signaling that inflation will likely increase. The European Central Bank (ECB) will decide on Thursday if it will repeat the June hike of 0.25%. German central banker Isabel Schnabel argues that higher interest rates are necessary to keep inflation from reaching the 2% long-term target, a claim she dismisses as flawed, as inflation depends on the war's outcome. While August's inflation rate of 3.3% is concerning, the ECB's main concern should be whether subeconomic inflation (excluding volatile elements such as energy and food prices) increases sharply. If it does not, the subeconomic inflation profile indicates that inflationary pressure will be temporary rather than permanent. Key factors include the second-round effects of energy and food price hikes, whether they transfer to wages due to labor claims, corporate margins, services, and other prices, as well as market perception of future inflation. If expectations are high, consumers will buy in advance, and vice versa. In the European context, the subeconomic inflation rate remains flat at 2.4% in August, down from 2.4% in February. At present, the threat of danger remains unfounded.",
  "summary": "El argumento de que con el interés actual la inflación no volverá al objetivo del 2% es falaz, porque en realidad dependerá de la guerra, no de los tipos",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}