Hi Lost,I still have no strong conviction of where interest...

Hi Lost,

I still have no strong conviction of where interest rates are going.
But it is difficult to ignore interest rates direction as it is the main element to determine the growth of the stock market.

My point, at this stage, is just to say that the risk of stagflation is increasing, given that so many long term trends are now inflationary (ex. impact of energy transition, more protectionism, increase of defence budgets, less immigration, tax cuts in some countries).
As, also indicated by The Economist, D.Trump program will also support the inflationary trend, as well as the programs of the 2 main parties now in France.