Headwinds are rising

Editorial Macroeconomic indicators are becoming more mixed on both sides of the Atlantic. The US labour market is showing signs of running out of steam, global trade is slowing down. In Europe, the resurgence of the epidemic in several countries is forcing governments to tighten health measures while surveys are declining slightly. Admittedly, the recovery is still underway, but it could turn out to be less pronounced than initially anticipated. The policy mix remains positive, but sources of uncertainty are also present: a (no-)deal with the UK, US presidential elections, second wave, and so on.