The third quarter was characterized by great volatility: an initial correction was followed by a powerful summer rally and a subsequent correction. The summer rally was fuelled by the belief that a gradual prospective deceleration of inflation would lead central banks to ease their aggressive tightening policies. With J. Powell's speech at Jackson Hole, markets had a brusque awakening, consistent with our view that central banks will continue their policy of raising interest rates into 2023, prioritizing the fight against inflation.

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