Interest rate expectations are shifting in the US. At the end of last week, US nonfarm payroll data exceeded expectations
with a decline in the unemployment rate to 4.1%. This week, US inflation also rose slightly more than expected in
September, but inflation remains in a disinflationary trend that will extend for several more months as the credit cycle
remains tight and the Fed continues to tighten liquidity conditions through positive real interest rates and quantitative
tightening.