Q3 GDP growth in Europe slowed to 0.3%, from 0.4% in Q2 and 0.5% in Q1! Europe’s gains from cheaper oil and rising exports from the weakening euro appear over. With inflation in the Eurozone at 0.1% Y-o-Y, the ECB will do more monetary easing. This will make it harder for the Fed to raise rates. The weaker euro will lower US import prices and inflation and weaken exports.