It is well known that the markets anticipate. But by wanting to anticipate too much, we sometimes risk losing the north. The markets have recently been torn between different horizons of anticipation, resulting in violent movements in interest rates and in the equity markets. The 10-year Confederation rate thus reached its highest in two years, when the 10-year rate of the US Treasury returned to its pre-pandemic level. The Nasdaq lost 10% in three weeks as the Dow Jones and European indices rose.