At the heart of inflation

On both sides of the Atlantic, inflation was undoubtedly an important theme throughout 2023. At the end of last year, the multiplication of good news on this front fuelled the fall in long-term interest rates and expectations of lower short-term rates from the European Central Bank and the Federal Reserve. The latter even seemed to pivot at its monetary policy committee meeting in mid-December, arguing in particular that it would be careful not to make the mistake of maintaining an overly restrictive monetary policy... for too long! Is the battle against inflation, begun by central banks in 2022, coming to an end? 

Today we launch a series of posts offering updates on this issue.