In 2022, the eyes of investors have been very often drawn to central bank rates. These were simply a response to an urgent situation: to stem the rise in inflation, which was threatening to become endemic. The inflation levels observed during the year have left their mark and, most importantly, triggered a wave of rate rises by our central bankers that we have rarely seen before.

US inflation reached 9.1% in June and then fell marginally to 7.1% in November. Eurozone inflation reached a maximum level of 10.6% in October before falling back to 10.1% in November. Over the year, US central bank rates rose from 0.25% to 4.5% in a few months, and the ECB too woke up from a long period of hibernation. Putting an end to its negative rates policy, its refinancing rates reached 2.5% in December.