Re(ddit)flation?

Edito The week was marked by reflation trades: sell-off euro and US rates after good inflation figures and the return of "Super Mario" on the euro bond scene. The good earnings season, together with the strength of the US economy, maintained an appetite for risky assets and allowed the dollar to advance, taking advantage of a lag with the rest of the world (in terms of recovery and vaccination) and also of the unwinding of the shorts accumulated since 2020. Oil took 6% and Reddit bulls hoarded silver this week (the trend was short-lived compared to GameStop). Th e markets’ optimistic tone on the recovery is to be tempered in the euro zone in view of the weak momentum of vaccination campaigns.