Filtres

And now what? (part 2)

One year after the first Fed’s rate hike, the aggressive fast monetary policy tightening finally bit… What are the consequences on the overall macroeconomic backdrop from current banking-stress? While their magnitude and extent will obviously depend on the depth of these scars on the financial system, as well as the time to close it, we […]

And now what? (part 1)

Among Credit Suisse most valuable assets as of today What are the lessons to be learned and consequences from SVB fallout and CS debacle? I won’t be long today as there are still a lot of uncertainties in the air (i.e. I probably don’t know much more than you) and I have also to navigate […]

Let’s speak about another peak

For the last few months, investors have been focused essentially on peak inflation and peak terminal rates, but little attention has been devoted to peak cycle since last summer as the soft landing and even the no-landing scenarios were almost taken for granted. However, the latest events, namely the collapse of SVB (and 2 other […]

Quantitative tightening? What tightening?

As expected, Fed and ECB hiked last week their respective target rate by +25bps to 4.50-4.75% and by +50bps to 2.50%, while France beats Italy in the 6 Nations tournament (rugby) yesterday but it wasn’t as smooth and easy for the “coqs bleus”. Despite the still hawkish message they delivered and their overall cautiousness about […]

Fumble ahead!

Yesterday night, the Philadelphia Eagles and the Kansas City Chiefs of Patrick Mahomes won their ticket to the Super Bowl LVII (NFL -American football league- final) by beating the San Francisco 49ers and the Cincinnati Bengals respectively. The Super Bowl will take place on February 12th, in Phoenix, with Rihanna taking care of the always […]

10 predictions for 2023 (part 2)

Here are the key takeaways: Last week, I shared with you my first 5 out of 10 predictions that could shape financial markets and portfolio returns this year. As we enter 2023 -and as a reminder-, our central macro scenario may be summed up as “less growth (but no hard landing), sticky inflation and higher […]