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	<title>Commodities &#8211; RFR</title>
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	<link>https://richesflores.com</link>
	<description>GLOBAL MACRO AND THEMATIC INDEPENDENT RESEARCH</description>
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	<title>Commodities &#8211; RFR</title>
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	<item>
		<title>So the era of low interest rates will soon be over, right?</title>
		<link>https://richesflores.com/2018/01/22/so-the-era-of-low-interest-rates-will-soon-be-over-right/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Mon, 22 Jan 2018 14:38:43 +0000</pubDate>
				<category><![CDATA[Commodities]]></category>
		<category><![CDATA[Inflation]]></category>
		<category><![CDATA[WEEKLY]]></category>
		<category><![CDATA[BOC]]></category>
		<category><![CDATA[bonds markets]]></category>
		<category><![CDATA[ECB]]></category>
		<category><![CDATA[FED]]></category>
		<category><![CDATA[fiscal reform]]></category>
		<category><![CDATA[growth]]></category>
		<category><![CDATA[hurricanes]]></category>
		<category><![CDATA[Monetary Policy]]></category>
		<category><![CDATA[Oil Price]]></category>
		<category><![CDATA[Real Estate]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=9294</guid>

					<description><![CDATA[Trends in the financial markets have accelerated in the last few days....]]></description>
		
		
		
			</item>
		<item>
		<title>Commodities: rethinking the global structural outlook</title>
		<link>https://richesflores.com/2014/11/28/commodities-rethinking-the-global-structural-outlook/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Fri, 28 Nov 2014 06:52:34 +0000</pubDate>
				<category><![CDATA[Commodities]]></category>
		<category><![CDATA[THEMATIC]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=4840</guid>

					<description><![CDATA[Commodity prices tend to be fairly insulated from short-term changes in supply and demand. Given this, as long as the wayward global economy did not call into question the long-term economic outlook its effects on commodity markets was only marginal.

The slide since mid-October should therefore be seen as the bellwether of a marked change in the global outlook in the mid and long term. This is why the recent slide in oil prices is a harbinger of bad news, even though there are obvious benefits for consumers in countries that import oil.]]></description>
		
		
		
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		<title>Cheaper oil, a stabilizing force for growth</title>
		<link>https://richesflores.com/2014/10/05/cheaper-oil-a-stabilizing-force-for-growth/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Sun, 05 Oct 2014 11:02:55 +0000</pubDate>
				<category><![CDATA[Commodities]]></category>
		<category><![CDATA[GLOBAL MACRO]]></category>
		<category><![CDATA[WEEKLY]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=4643</guid>

					<description><![CDATA[Our forecast for a sharp drop in commodity prices seems to have materialized since the summer. Despite a tense geopolitical situation, the fall in the price of oil has already reached 15% and, helped by sagging consumption, the global oil price tag has contracted by 1 GDP point since the start of the year. Each country has different exposure to this adjustment but, generally speaking, it has been more favorable for developed economies than emerging markets. Regardless, lower oil prices have maintained a stabilizing effect that could provide vital support given the present situation. ]]></description>
		
		
		
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		<item>
		<title>Commodity prices: what we would like to see, what hints they are giving</title>
		<link>https://richesflores.com/2013/11/29/commodity-prices-what-we-would-like-to-see-what-hints-they-are-giving/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Fri, 29 Nov 2013 13:30:38 +0000</pubDate>
				<category><![CDATA[Commodities]]></category>
		<category><![CDATA[France]]></category>
		<category><![CDATA[GLOBAL MACRO]]></category>
		<category><![CDATA[Global Trends]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=2553</guid>

					<description><![CDATA[<b><i>Commodity prices: what we would like to see, what hints they are giving</i></b> <br />

We got off on a good foot this week, with some reassuring news for once: the likely decline in oil prices stemming from progress on negotiations to halt the development of nuclear weapons in Iran. As we are reasonably confident that this week’s agreement will have an impact of at least $10 per barrel, we decided to take a closer look. Why don’t we just take the news at face value?  <br />

<b><i>Is France doing as poorly as everyone says? </i></b> <br />

Coming on the heels of last week’s dispiriting PMI data, the results of the latest INSEE survey are reassuring. Not only do the results debunk the scenario of a slide back into recession that some were quick to assert after the PMI release, but a detailed analysis even shows that there is reason for hope]]></description>
		
		
		
			</item>
		<item>
		<title>Global Inflation</title>
		<link>https://richesflores.com/2013/05/12/inflation-monitor/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Sun, 12 May 2013 09:18:02 +0000</pubDate>
				<category><![CDATA[Commodities]]></category>
		<category><![CDATA[Emerging]]></category>
		<category><![CDATA[IN CHARTS]]></category>
		<category><![CDATA[Inflation]]></category>
		<category><![CDATA[United States]]></category>
		<category><![CDATA[Developed countries]]></category>
		<category><![CDATA[emerging countries]]></category>
		<category><![CDATA[Gold]]></category>
		<category><![CDATA[Monetary Policy]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=1542</guid>

					<description><![CDATA[Recent disappointment with a sluggish economy has altered perceptions about the risk of inflation. Since the beginning of March, ten-year inflation expectations in the U.S. bond market have shed 30 basis points, the sharpest decline in the past year. At the same time, plummeting gold prices bear witness to growing doubts about the reflationary policies pursued by central banks. Moreover, current global trends suggest that this sentiment won’t be changing any time soon:
•	With inflation rates well below 2 percent and still receding, most industrialized countries are inching their way toward deflationary territory. High unemployment and low capacity utilization rates exert strong downward pressure on wages and producer prices, a trend accentuated by softer energy prices. 
•	The rising inflation observed in an increasing number of emerging economies is in fact limited to those with little global influence, primarily India, Russia, Brazil, and Argentina. Asia’s exporters of manufactured goods still show low inflation rates that are much closer to those in the advanced countries. 
All these developments should therefore encourage central banks the world over to go further with monetary easing
]]></description>
		
		
		
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