Keeping cards lose to the chest

After the vertiginous growth of the first half of 2021, some “digestion phase” was always to be expected in the US but some macro indicators point to some “organic” downside forces as well, amid the resurgence of Covid concerns. In this configuration, the Federal Reserve (Fed)’s prudence, expressed by Powell in Jackson Hole, is warranted. The European Central Bank (ECB) is not in a hurry to clarify the ambiguities left by its revised forward guidance.