Economic context

The economic slowdown is gaining momentum. Economic data from all three major zones continues to disappoint, fueling a downward revision of growth forecasts, especially in the US. #1Fueled by fears of recession, all commodity prices havebeen falling since the beginning of June, which will help to bring inflation down after a few weeks of inertia. #2 Despite the economic slowdown, central banks persist in fighting inflation at all costs! But they seem to be lagging behind the cycle once again. Inflation expectations are falling significantly and already the markets are predicting, rather cynically, that the FED will have to cut rates in 2023 to fight the recession it caused by raising them! Logically, global interest rates have fallen massively since mid-June.

Economic outlook....