Are markets signalling that the risk of deflation is over?

Les marchés signalent-ils la fin du risque de déflation ?

Hervé Le Bihan and Imène Rahmouni Rousseau

Eco Notepad from Banque de France

Abstract: Financial markets confirm that, since autumn 2016, deflationary risks in the euro area have dissipated. Market indicators – which are admittedly susceptible to a number of biases – nevertheless continue to reflect medium-term inflation expectations which are below the Eurosystem’s target (inflation rates of below, but close to, 2% over the medium run).

Les marchés financiers confirment que, depuis l’automne 2016, les risques de déflation se sont dissipés en zone euro. Les indicateurs – certes sujets à de nombreux biais - continuent toutefois à refléter des anticipations d’inflation plus basses à moyen terme que la cible d’inflation de l’Eurosystème (une inflation inférieure à, mais proche de, 2%).

Date: 2017-07-03
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