Central banks can be divided into two categories: hawkish on the one hand, and dovish on the other. More than a monetary policy decision, posture reflects the central bank's true inclination. For example, while the ECB raised rates two weeks ago, it also adopted a more dovish stance, focusing its communication on the probable end of the monetary tightening cycle. For its part, the BOJ left little room for doubt: it kept rates unchanged and advocated a continuation of its ultra-accommodating policy.

The situation is getting tougher and more hawkish with the SNB, which left rates unchanged at 1.75% so as not to penalize growth (too much), while making it clear that further rate hikes were not out of the question to combat inflation. The BOE, having left rates unchanged at 5.25%, has joined the side of those who believe that rates should be kept high for the long term. Which brings us to the case of the Fed, which made broadly the same case. The U.S. Federal Reserve stuck to its forecast: rates will remain at 5.50% for September, but on closer inspection, the majority of committee members are considering a further tightening by the end of the year, while maintaining a rate forecast above 5% for the whole of next year. At least, that's what the dot-plot below reveals.

Dot Plot

It's also worth noting that Fed members as a whole are more hawkish than they were in June, a sign that the rise in oil prices and its implications have certainly had an effect. This was all it took for US 10-year yields to surpass the highs recorded last October at 4.33%, paving the way for a continuation of the upward trend towards 5%. The collateral effect is to put pressure back on US equities, with a heightened risk on technology stocks.