Natixis - Que doivent faire les Banques Centrales s’il y a un nouveau choc sur les prix des matières premières et une dérive stagflationniste des économies ?

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Natixis

Patrick Artus

Que doivent faire les Banques Centrales s’il y a un nouveau choc sur les prix des matières premières et une dérive stagflationniste des économies ?

Le conflit en Ukraine va faire apparaître un nouveau choc sur les prix des matières premières (pétrole, gaz naturel, métaux, blé … ). Aux États-Unis et surtout en Europe, il va donc y avoir une nouvelle poussée d’inflation et un nouveau recul du pouvoir d’achat des salaires. Quelle doit alors être la réaction des Banques Centrales à cette évolution stagflationniste ? Ce choc n’ayant aucun rapport avec la politique monétaire, et provoquant un recul de la croissance, la réponse normale des Banques Centrales est une politique monétaire plus expansionniste, donc un report dans le temps du durcissement de la politique monétaire.

28/02/2022 1 FR

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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.

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Patrick Artus

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Que doivent faire les Banques Centrales s’il y a un nouveau choc sur les prix des matières premières et une dérive stagflationniste des économies ?

Fine-tuning our Fed Call: No need to skip October

Labor market treads water in a choppy sea

Euro area April flash inflation: core inflation unexpectedly rose in April

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