Immersion in troubled waters

Editorial The indicators published in recent days and the outlook for those that will be released next week suggest that visibility is gradually being reduced. The high levels of inflation on both sides of the Atlantic, robust industrial activity but subject to supply constraints, a tight labour market in certain business sectors and persistent health uncertainties make forecasting very difficult. The decisions taken by the Fed and the BoE (22 and 23 September) will reveal their diagnoses of the situation, while the stakes in terms of policy mix are very high at this stage of the recovery in the cycle.