The formula is clear, without appeal, and is not devoid of provocation. ” Markets can test us as much as they want Christine Lagarde said Wednesday in an interview with Bloomberg Wednesday. A new sign of determination, while the tension on sovereign rates is not easing. The night before, the yield on US 10-year government bonds had approached 1.77%, its highest level since January 2020. Another step in a global movement of higher rates that began in early 2021.
The improved economic outlook in the United States largely explains this rise in financing costs. But it indirectly affects the Old Continent where the recovery is far from being so firmly anchored. There are some encouraging signs. Inflation in the euro zone thus stood at 1.3% over one year in March, against 0.9% in January and February. It even reached 2% in Germany. But this rise in consumer prices is mainly linked to the increase in energy costs.