On the stock market, the years follow each other but are not alike.
At the start of 2020, the priority was to revive the economy, hard hit by Covid-19 and repeated confinements.
Central banks and governments were on the move with plans on an unprecedented scale.
This horse treatment has worked well beyond expectations: economic growth has recovered with unexpected vigor.
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Driven by the recovery and by the floods of liquidity poured in by the central banks, inflation quickly got out of hand.
It reached 7% in the United States in 2021, according to the labor department, and 5.1% in Europe according to Eurostat.
For the markets, the return of this spiral of rising prices and wages is a real upheaval.
Central banks, led by the powerful US Fed, have started to reduce their ultra-generous monetary policies and are preparing to raise interest rates.
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Persistent inflation worries Germany
Bond markets, where debts are traded...
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