France – Eight months under pressure from interest rates
The dreaded moment has arrived where political chaos catches up with the economy. At a time when interest rates are skyrocketing, France is being criticized for a budget it cannot…
Philippe Waechter's blog
France at a crossroads: Austerity chosen or austerity imposed
The 10-year interest rate spread between France and Germany now exceeds 140 basis points, and the French rate is approaching 5%. France is acting alone: it is entering a crisis…
Long-term rates: the end of the old world
Synthesis The recent rise in long-term interest rates may no longer be a simple adjustment. The conflict in Iran, oil prices hovering around $90, and persistent US inflation have acted…
Three questions for back to work – France – Part III
The government’s commitment in the 2026 budget is a deficit of 4.6% of GDP compared to 5.4% in 2025. A saving of almost 44 billion compared to 2025.The long-term goal…
International finance in 2025*
Like the real economy, finance is disoriented by recent economic and political developments.Gold is at its highest, and long-term rates in Germany have risen as never before following the announcement…
From Yesterday to Today – October 15 – Public debt – A new problem
Public debt would be at its highest in 2021, higher than at the end of World War II. Growth will not make it possible to reduce the ratio of public…
The 2 pages Macro
This short document (2 pages) is a synthesis of my macroeconomic views. One page of explanation and one page of graphs – The 2 pages Macro – 15 March 2019
Trump and the Federal Reserve
Donald Trump hit out again recently at the Federal Reserve for its monetary policy management, taking it to task for hiking interest rates, which he claims would hamper US growth.…