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Public opinion will be shocked by the juxtaposition of wealth accumulation and falling real wages
In all OECD countries: Inflation is now higher, due to the multiple bottlenecks, and will be higher in the future, due to the energy transition; as nominal wages are barely indexed to inflation, it is possible that real wages (employees' purchasing power) will decline for a long time; Even if central banks exit from highly expansionary monetary policies, they will maintain an expansionary bias, and long-term interest rates will remain far below growth rates; this will continue to drive up financial and real estate asset prices. Public opinion in OECD countries will therefore see, on the one hand, a decline in real wages and, on the other hand, the wealth accumulation of the richest: this juxtaposition will certainly be the subject of a very heated debate.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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