Powell at Jackson Hole… and then what?
Tonight in Jackson Hole, Jay Powell will deliver his final speech in this central bankers’ lair. It’s often an important venue for getting messages across. Draghi, Bernanke, Yellen, and even…
Philippe Waechter's blog
Three Questions for Back to Work – Part 1
The new school year is upon us, and with it a whole series of questions about the evolution of the global economy and each of its components. As a European,…
What effects have recent trade agreements had on the United States?
Summary of an interview with Radio Télévision Suisse So far, the effects are still moderate. There are several reasons for this. Donald Trump’s recent announcements setting tariffs at 18.3% (Source:…
The European Union in the American trap
The European Union and Japan are fighting the same battle. The tariff is the same (15%), the exception on steel and aluminum is identical at 50%, the market is opening…
What is a trade deal?
Since Donald Trump’s arrival in the White House, there has been talk of “trade deals.” Trade deals are needed, although the term is not clearly defined.According to conventional wisdom, a…
The American trap
As July 9 approaches, announcements and concerns about tariffs are back in the headlines. On April 2, Liberation Day, Donald Trump announced tariffs ranging from 10 to 50%, depending on…
A shadow committee against Powell?
The battle has resumed between Trump and Powell. Already in 2018, after appointing him to the Fed board, Donald Trump was very hostile to Jay Powell’s actions. In the current…
Is economic uncertainty consistent with robust financial markets?
Since the beginning of 2025, the economic landscape has changed. This change of direction primarily reflects the economic policy pursued by the White House in two dimensions: 1- the accentuation…