Monthly Coffee Break

Sur les marchés obligataires, le mois d'août et les premiers jours de septembre ont été marqués par une décorrélation notable des deux côtés de l'Atlantique. Alors que les taux européens sont restés stationnaires, les rendements des bons du Trésor ont fortement baissé, notamment sur les échéances courtes.

Activity paused leading up to the Jackson Hole Economic Symposium, where a potential pivot in Federal Reserve policy was revealed by Chairman Jerome Powell, hinting at a possible easing cycle.

The global economy approaches the final stretch of 2025 at an inflection point. Financial markets, unsettled for much of the year by tariff escalations and a slowing US economy, now find comfort in an accommodative monetary policy path, less uncertainty in trade negotiations and a potential major political shift in the making at the Federal Reserve.

European equities were slightly higher in August but continue to underperform US equities. European macro data were mixed, with PMIs improving in manufacturing but weakening in services.