MORE DATA-DEPENDENT MARKETS

Edito Risky assets closed down again over the past week. Stock exchange indexes went through another correction: credit spreads widened sharply against a backdrop of a fall in oil prices and a spike in volatility. Faced with these negative evolutions in financial assets, the central banks have had a reaction that for the time being remains limited. The Fed and the ECB count on continuing returning monetary policy to normal. Both consider that the growth slowdown is not worrying but is instead merely a return to potential growth. For all that, the markets will be holding onto their doubts and will be evolving more and more on the basis of macro data in order to judge the extent of the slowdown and from that, the necessity of continuing to return monetary policy to normal.