The Euro area growth is sharply decelerating

In the US, activity has been buoyant so far, largely thanks to tax cuts

For the foreseeable period, a landing is more than a possibility

Interest rates hikes and tariffs increases on worth $300bn of imports will start to weigh on firms profitability, then activity

The downward adjustment could be sizeable in highly leveraged sectors such as energy and IT

As a consequence, the monetary tightening would mark a pause

Long term-bond yields would also stabilize, below the 3pct level.

The Euro area, growth is sharply decelerating, with some countries like Italy now in recession

Extra and intra EU trade is less dynamic, in line with fading external demand, in particular coming from EMEs

Inflation is expected to come-back below the 2pct level, as a consequence of falling oil prices

The ECB will stop its net asset purchases as off the 1st January of 2019, while keeping rates unchanged up to the end of year

This may cause a (slight) rebound in bond yields as well as in the value of euro.