The Paris Stock Exchange ended down 0.26% on Monday after a choppy session as investors held their breath ahead of the start of the US Central Bank meeting.
The CAC 40 index lost 15.71 points to 6,061.59 points, its fifth consecutive decline. The past week, it was down 2.71%.
The Parisian coast even fell below 6,000 points at the end of the morning for the first time since July 15. The awakening of the American markets allowed the index to return to green and close to 6,100 points before ending in the red.
On the eve of a two-day meeting of the American Central Bank, investors are holding their breath and fearing the measures which are to be announced on Wednesday in order to combat the rise in prices (8.3% in August over one year in the United States). -United). Last week, they were particularly heated by the publication of inflation that was more persistent than expected in August.
The institution chaired by Jerome Powell should once again raise its key rate sharply, the main tool for influencing the acceleration of the rise in prices.
Close to 0% at the start of the year, it is now in a range of 2.25% to 2.50% and a third increase of 0.75 percentage point is expected, even if a full point is no longer excluded.
While only a month ago operators were banking on a peak in Fed rates of 3.75%, or even 4%, the preferred scenario is now that of a key rate of 4.50%, or even 4.75% at the top of the cycle.
The problem is that inflation and its dynamics are still poorly understood, explains Sbastien Galy, manager of Nordea AM, stressing that the market is more addicted to central banks than to signals on economic activity.
Despite inflation, US consumer demand remains strong, he adds. While commodity prices are falling, core inflation, which excludes them, rose again in August in the United States.
This trend continued to push up interest rates for the French state: the 2-year loan, very sensitive to monetary policies, jumped from 1.35% to 1.51%, levels not seen since the summer 2011, while the 10-year benchmark was 2.345%, the year-end high being 2.38%.
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