The narrow path

Despite one of the best economic performances through the pandemic and swift action against the fallout from the Ukraine war, many French voters still opted for radical solutions. Left-wing voters are key to round 2. The European Central Bank (ECB) hawks are not “reading the room” in their criticism of the fiscal support of income. Judging by the current dataflow, the US seems capable to take a “fast and hard” monetary tightening but we think we can see the first cracks.