The disagreements that animate the monetary policy committees of the Central Banks are becoming obvious. They are no longer unanimous on the need to maintain an accommodative policy

Christine Lagarde's comments aimed at mitigating the rise in European rates are not very well received on the markets. The PEPP is unsuited to smooth out any episode of volatility and in the United States, Jerome Powell defends a zero-rate policy until 2023.
The central banks of Brazil, Turkey and Russia raised their rates last week. The Bank of Norway has put forward the timetable for the planned increases. Financial markets are also urging the Bank of Canada and the Reserve Bank of Australia to act, as monetary policies seem to be out of step with economic recovery.
On the other hand, the credibility of the Fed's speech is questioned by the bond markets.
Market performances remain very homogeneous, despite increased competition from sovereign debt diverting insurance account flows such as credit A.