Don’t fight the Fed?

Although the Fed was fairly reassuring (with the dots continuing to show two rate cuts this year), the stabilisation of US indices is timid, as is the bond rally. Given the significant risks of stagflation and the looming date of 2 April (implementation of reciprocal tariffs), in the short term, the markets are wavering between a rebound or a capitulation. Against this backdrop, the US macro news flow ( in particular PCE core inflation next week) will be decisive.