Le consensus autour d'une hausse en trois temps des taux de la Fed en 2017 semble faiblir, notamment au vu des derniers indicateurs américains d'anticipations d'inflation et d'inflation.
Au niveau mondial également, l'hypothèse d'une "reflation", très présente fin 2016-début 2017, perd un peu de sa pertinence même si le cours du Brent est repassé au dessus de 50$ le baril.
Enfin, l’accélération attendue de la croissance mondiale est plutôt infirmée par les indicateurs d’activité. Ces derniers témoignent d'une modération de l'activité en Chine et d'un rebond amorti aux Etat-Unis ; ils restent hésitants en zone euro malgré des enquêtes favorables.
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