And to add that inflation is under control

If growth and inflation forecasts are met, it will be necessary to make other adjustments to increase (Editor's Note: rate) to avoid accumulating too much liquidity. "Between the statements of officials of the European Central Bank and the report of the OECD, the bond market yesterday found a reason to correct its excesses of the days. The rate of the loan of French State for 10 years and handed 4 basis, 3,795 points, and that 2 years rose as 3,557.

The warning, relayed by the "Corriere della Sera", coincided with comments le Banque Corriere France le Banque Corriere France le Banque Corriere France le Bank Corriere France, " "When it has a dynamic of growth well already, if it leaves interest rates too low, it creates inflation, but it creates more growth," said the Governor emphasized the strength of French growth. Last Thursday, Jean-Claude Trichet, the President of the European Central Bank, warned the stakeholders of its intention to exercise a "strong vigilance" on inflation. A way to announce the increase in rates on October 5.

Team of Barclays Capital, members of the ECB appear to be less concerned about risks on the activity. Questioned the intentions of the ECB to the slowdown in the US economy, Lorenzo Bini Smaghi has estimated that, if "international organizations are expecting a slight slowdown in the US economy, Asia continues to grow at a sustainable rate and Asia has more exporters Europeans that the United States." In total, these remarks might suggest, according to Barclays, the ECB is considering not only two lifts of 25 basis points each of its interest rate (the rate of refinancing). Other actions could intervene next year. On the futures market, the tensions observed yesterday on maturity Euribor 2007 contracts reflected minor changes in expectations.

The OECD is optimistic

The European Central Bank apparently has room to maneuver. According to the "Handelsblatt", the European Commission was today unveil a new forecast of 2.5 growth in eurozone (such as the ECB), against 2.1 so far. The OECD is more optimistic and bet on 2.7, according to data published yesterday (also read our information page 8). The gradual return to a rate "which stimulates more growth" is therefore now "legitimate" in the eyes of Jean-Philippe Cotis, Chief Economist of the organization.

With regard to the United States, the OECD has not changed its forecast of growth at 3.6 for the current year, stressing that its economy remained "very strong" despite concerns that surround it. But inflation, still perennial, could lead the Federal Reserve to resume its cycle of rate hikes. In view of the recent relaxation of us yields, stakeholders benefited, there also, to make a profit. In fact, the rate to 10 years is lifted 4 basis points, to 4,771, and the 2 years of 3 points to 4,791.

Yen: recovery continues

William Poole, the President of the St. Louis Federal Reserve, however wanted reassuring yesterday. "If we think that we are in the right direction, then we can be patient and not to create turbulence in the economy", he said. And to add that inflation is under control.

On the front of the currency, the euro is unable to maintain its gains of the previous day in a calm market. He exchanged yesterday 1,2813 dollar ( 0.44). On his side, yen has, initially, continued relief began Monday following the good figures for the investment of the enterprises in the second quarter.

These figures strengthened expectations of a second round of monetary screws of the Bank of the Japan (BoJ) by the end of the year after rising 25 point basis decided in August that put an end to five years of zero rates. Friday meeting could provide an opportunity to break into his intentions the BOJ. But if the Japanese currency has stabilized later in the day against the dollar, to 116,01 yen for 1 dollar (against 117,37 Yen Thursday), it continued its ascent against the euro. Fell to a lower history of 150,73 yen for 1 euro last Thursday, the Japanese currency returned yesterday to 148,64 yen for 1 euro.