Oct 12, 2022

In retrospective, 2021 might have been the last year of the old “new normal”, with bullish stock markets powered by monetary policy. Households benefitted handsomely: For a third year in a row, global financial assets grew by double-digits in 2021, reaching EUR 233trn (+10.4%).

Oct 05, 2022

Globalization is changing, not dying, but recent crises have raised questions about the structure of global supply chains, and the exposure to geopolitically non-aligned suppliers.

Oct 04, 2022

The gilt crash in the UK was not a repeat of the Eurozone sovereign debt crisis, but rather a liquidity-induced market accident that put financial stability at risk.

Sep 30, 2022

In recent years, Eurozone governments borrowing more and more seemed to matter less and less as falling interest rates made high and rising debt levels less burdensome.

Sep 29, 2022

The increasingly hawkish US Fed has triggered a “reverse currency war” as central banks tighten their stance more than would otherwise be necessary if inflationary pressures were less universal.

Sep 22, 2022

The US housing market is adjusting to the new reality of higher-for-longer interest rates. Interest rates are rising rapidly – the Fed delivered a third consecutive 75bp hike during the September FOMC meeting – and unlikely to decrease much in 2023 as the FOMC will be keen to restore its inflation-fighting credibility.