Trump and the climate
The year 2024 was the warmest on record. The average global temperature was 1.6C above the pre-industrial average.This is the moment Donald Trump has chosen to pull the United States…
Philippe Waechter's blog
Donald Trump takes office on January 20
Post-World War II institutions created rules for the functioning of global society in order to generate a form of coherence in the face of complex situations. The half-century that had…
The US economy erases the crisis
US GDP is up 1.7% in Q4 (6.9% annualized). GDP growth is 5.5% YoY in Q4 and 5.7% on average for 2021. The carryover growth for 2022 is 1.9%. GDP…
The Federal Reserve takes over
At its January 25-26 meeting, the US central bank confirmed that it would raise interest rates as of its mid-March meeting. Above all, it indicated that very soon after it…
Inflation continues, the Fed could weigh on growth
US inflation is mainly conditioned by the pace of the price of goods and that of oil. The rush of households on goods, while inventories were reduced, is the source…
The US labor market lacks of momentum
The US labor market is slow to normalize despite a higher #participation rate. The deviation from the trend of the previous cycle stabilizes at more than 9 million missing jobs.…
Will the Fed ever be restrictive?
The options taken by the Fed at its meeting on December 15 validate investors’ expectations Anticipations that the Fed itself had forged with these same investors in recent weeks. We…
US stimulus, rising rates, the dollar and the euro area
With US yields rising, the rest of the world follows in their wake.This surge is driven by two factors: 1 – the swift upturn in oil prices, which translate expectations of…