Temporary GDP growth in Q3. Leading indicators point to a slowdown. Consumption is at risk. New inflation regime. The Fed must adjust its action. The dollar is losing momentum. A "risk on" mode is setting in.

Key points

• Temporary exit from recession expected in Q3
• “Hard landing” still possible in the US
• Leading indicators fall back
• Consumers dip into their reserves
• The Fed can avoid a “hard landing” and deflation
• Inflation slow to show encouraging signs
• The worst is certainly over in the interest rate market
• Will the dollar soon be losing momentum ?
• A “risk on” mode is timidly setting in

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