The week got off to a good start on the bond markets, and optimism redoubled after statements made on Tuesday by a member of the FED (Christopher Waller), who spoke of an easing in the cost of money if all conditions are met in 2024... while reminding us that, for the time being, inflation is still too high. while reminding us that, for the time being, inflation is still too high.

Following these "encouraging" comments, rates accelerated their easing late on Tuesday afternoon: ten-year Treasuries erased -4pts to 4.3540%, at their lowest since September 20.

OATs and Bunds eased by a further -5 basis points to 3.0650% and 3.503% respectively, while Italian BTPs eased -4 basis points to 4.2610%.

British Gilts remained unaffected by the upturn on the other side of the Atlantic and on the Continent, with yields unchanged at 4.220%.

In the US, single-family home prices continued to rise in September, albeit at a slower pace than expected, according to the S&P/Case-Shiller index published on Tuesday.

This index, which measures price variations in the country's 20 main urban areas, rose by 0.3% month-on-month, which is less than the 0.7% rate expected by economists.

The Conference Board's closely-watched 'confidence' barometer rebounded by +3pts in November (after 3 months of decline) on the back of a small brightening in household expectations.

According to the monthly survey by the Conference Board employers' organization, the confidence index reached 102 this month, compared with 99.1 (revised from 102.6) in October.

The expectations sub-index improved to 77.8 from 72.7 last month, while the current situation sub-index eased to 138.2 from 138.6

The expectations sub-index fell below the 80-point threshold for the 3rd consecutive month, a level that usually heralds the onset of a recession within a year, warns ConfBoard.

According to the association, two out of three consumers now consider a recession to be 'very likely' or 'somewhat likely' over the next 12 months.

In Europe this time, operators were informed this morning of an improvement in household confidence in France in November: at 87, its synthetic indicator - calculated by INSEE - rose by 3 points, but remains well below its long-term average.

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