France’s Interior Ministry has posted results to a snap election called by President Emmanuel Macron. In the lead in the first round was Marine Le Pen’s right-wing National Rally party while Mr. Macron’s Ensemble alliance slumped to third. What could a shift in political parties mean? We asked the chief economist at Tressis Hedge Fund, Daniel LaCalle, the biggest changes that would take place. Mr. LaCalle also explains why an inflation burst is the driving force behind the political shift. He explains that citizens had been accepting policies they disagreed with because inflationary pressures were low to non-existent.