Central banks are finally going to war against inflation. The will to fight against inflation which will have been fueled more by excessive support for the economy than by the war in Ukraine.

Inflation expectations had deteriorated sharply, pushing up long- and medium-term interest rates, resulting in a rapid steepening of the yield curve. The high level of inflation is not due to the war but rather to the excessive support for the demand for goods during the Covid crisis, no offense to Joe Biden.

The recessionary impact on growth of the war in Ukraine has led many professional observers to anticipate the ECB's persistence in minimizing the risk of inflation in favor of prolonged support for activity in a "what whatever it costs” bis. The Fed's decision to put an end to its accommodating monetary policy by deciding on a first rate hike and the ECB's speech clearly oriented in the same direction demonstrate the central banks' desire to deal with this inflationary surge.