The year 2022 has been a one-way street: rates have continued to rise in a context of rising prices. Central bankers had no choice but to tighten their monetary policy with rate hikes (+2.50% in the euro zone) that should continue in 2023. However, faced with the risk of recession generated by this tightening, some are beginning to anticipate a "pivot", particularly in the United States where inflation seems to have peaked and is beginning to decelerate.