The US bond market remained very calm, with yields continuing to decline since their peak in mid-May. With a record rise in prices in the United States, one would have expected a jump in long-term rates in the United States.

The Fed has obviously succeeded in gaining investor confidence. The benchmark US 10-year rate posted one of its biggest weekly declines in 18 months. It has lost almost 11 basis points since Monday, touching 1.43% during the day on Friday before recovering slightly. The rate of Treasuries (American government bonds) at 10 years had then been propelled beyond 1.7%. Inflation mechanically erodes bond yields, pushing lenders to demand higher compensation.

Since the start of the year, the US central bank has repeatedly said that the upward movement in prices was transitory, explaining it largely by the catch-up effects linked to the reopening of the economy and by the difficulties supply of raw materials. She is now putting more emphasis on the second part of her mandate, full employment, which is far from being achieved, while her gaze has been riveted for years on the evolution of prices. The European Central Bank has chosen to maintain an ultra-accommodative monetary policy. This decision caused the rates of the European States to fall back to their level of the end of April.