Carefree Summer

Editorial The new trend among central bankers is for much hazier forward guidance, made necessary by the materialisation of recession risks (technical recession in the United States) and interest rates moving into restrictive territory. By leaving the door open to a rise of “only” 25bp in September, Jerome Powell helped confirm the good trend in risky assets, delighted to see a slowdown in monetary tightening, while growth figures in Europe and the results held some good surprises. We will forgive investors for this bout of excess optimism during the summer break, but what with inflation stubbornly refusing to normalise, the deterioration in leading indicators and the political agenda (US and Italy), September looks set to be eventful. So enjoy a carefree summer! Our Market Weekly will resume on 26 August.