France: Growth was disappointing in Q2
The Q2 growth number for the second quarter was disappointing in France. It was just 0,158% (non annualized) which is rounded at 0,2%. It’s the same figure than in Q1…
Philippe Waechter's blog
Wages and the ECB monetary policy
Discussions on wage dynamics in the Euro Area. The momentum is now higher (2%) but not sufficient to push core inflation on the upside. The enigma is not solved yet.…
A Lower World Trade Momentum
These two graphs this morning in the “Daily Shot” of the Wall Street Journal show the lower world trade momentum. All the indicators converge to a lower dynamics. With US…
What the Fed Is Missing
A complement to my recent post on the signal brought by an inverted yield curve on the economic activity. The Federal Reserve isn’t worried about the yield curve, and it…
Lack of liquidity on fixed income markets
Interesting paper that explains the new main characteristic of fixed income markets is the lack of liquidity. I think that one consequence of this lower liquidity is on capital mobility.…
Is a currency war a credible Chinese retaliation measure?
What could happen if China transforms the trade war into a currency war? An excellent article you have to read on Quartz qz.com/1329777/the-us-china-trade-war-could-turn-into-a-currency-war-next/amp/
The flattening of the US yield curve is a source of concern – This time is not different
Jerome Powell said that the yield curve flattening was not a source of concern and that it wasn’t showing a risk of recession as the economy is following a strong…
What really went wrong in the 2008 financial crisis?
This article is a discussion, by Martin Wolf, of Tooze’s book on the ten years since 2008. What, finally, are the biggest results? One comes from Tooze’s remark that “the…