The euphoria which has prevailed on financial markets for a month, following Donald Trump election seems unfailing. Monetary policy becoming more restrictive and the dollar rise which resulted from it, did not undermine commentator optimism and investor appetite. After a gloomy start this year, American growth rebounded during the third quarter to reach, on an annual basis, a rhythm close to 3%. In November, unemployment rate staid at 4.6%. In this economic environment, Janet Yellen, who chairs the American central bank, announced last week, an increase of its key interest rate, which was expected. But, and that was much ...

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During months, economists and commentators alerted us to the risks on financial stability generated by too low or even negative interest rates. Donald Trump election has encouraged financial markets to anticipate a switch of American economic policy: monetary policy would become more restrictive, and the first signal should come next week with an interest rate rise decided by the Federal Reserve Board, while the budgetary policy would become more expansionist through taxes reductions and the launch of a public investments program. Actually, if the first part of this change is granted, the second one is more uncertain. The impact on ...

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François Fillon massive success is good news for François Hollande for two reasons. First, it confirms that poll opinions have no predictive value. These institutes, and all those who, all along their editorials, comment them are the real losers of this primary election of the right and the center. At any time during the week which preceded the first round has been imagined that the one who finally won, was even going to participate to the second round; To keep the suspense on, and then the interest of the public and of their clients, the institutes, following their ...

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