US Less Vulnerable to Oil Shocks Europe

Bank of America finds a 10% oil price rise would add ~25 bps inflation in US versus ~40 bps in Europe.
US growth impact from the same shock falls to about 5 bps, down from over 70 bps in the 1970s.
Euro area’s higher energy share and import dependence make its inflation sensitivity roughly twice that of the US.
BofA forecasts assume 40% oil rise, growth cut 30 bps, inflation up 80 bps; Europe growth down 60 bps, inflation up 160 bps.