On the political level, Donald Trump should not be too worried about his impeachment trial, as Republican Senators do not seem to want to turn against the 45th President of the United States after his term. Then parliamentarians will be able to focus on the famous stimulus package that everyone is talking about but that doesn't seem to be making much progress.

On financial markets, there are questions about the possible return of inflation, but what is harder to determine is the potential duration of this impulse. The Fed will have to show Olympic calm so that its words are not misinterpreted and investors' expectations are in line with the monetary policy it wishes to implement. Currently, the central bank is walking on eggshells, since it wants to keep rates low for as long as possible to promote economic recovery, and this scenario of a return of inflation is slowly progressing.

Robert Steven Kaplan, member of the Federal Open Market Committee (FOMC) said that "a temporary rise in inflation would not surprise him". The question remains whether it will be lasting or temporary, and on this point not everyone agrees. Moreover, the main problem here is the distortion that exists between the conventional tools of central banks to fight too rapid a rise in inflation and the low interest rate policy that they aim for in the medium term. 

China's insolent growth may well bring inflation back to the Middle Kingdom. Indeed, According to the State Bureau of Statistics (BES), the CPI fell by 0.3% in January (year-on-year). This decline remains measured and compensates for the increase in December (+0.2%). However, on a monthly basis, the CPI rose by 1% in January 2021, a significant jump for a single month. One possible explanation would be the strong resumption of growth in China since the end of last year coupled with a surge in the prices of raw materials as well as the cost of transporting them. The effect of the Chinese New Year holiday is also to blame.

Today, British GDP in Q4 2020, German inflation in January and French industrial production are released in Europe, as well as the United States January inflation, wholesale inventories and oil inventories.