The « R-word »

Edito In a context where global economic conditions continue to tighten, with inflation continuing to accelerate and activity slowing down, the minutes of the two major central banks published this week, the ECB and the Fed, leave little room for doubt about the priority given to the fight against inflation, despite the increased probability of recession. Unfortunately, the signs of a slowdown are more and more evident at the global level. We will be watching very closely next week for inflation figures in the United States, Chinese Q2-2022 GDP and PMIs in Europe in search of signs that would relieve – or reinforce – recession fears.