The 6-month rally in equity markets is likely to lose momentum or even reverse if recessionary risks materialise later in 2023. Corporate earnings are likely to remain under pressure in an environment still hampered by low growth and persistent inflation. Lifted by a six month rally, current valuation s are not very attractive and do not fully reflect recession and financial instability risks. A defensive bias remains appropriate.
The prospect of higher rates forever
François Christen
1 mai 2024
Government bond yields stabilise, but a major monetary policy reversal remains unlikely.
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2023 SUSTAINABILITY REPORT
ONE swiss bank
1 mai 2024
After our recent delisting, we remain sincerely committed to transparency and to continuing our efforts to progress on environmental, social and governance (ESG) matters.
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Powell capitulates under the weight of evidence
François Christen
24 avril 2024
Persistent inflationary pressures call for patience from the Fed, but a rate hike remains unlikely.
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After three misses, the Fed has a problem
François Christen
17 avril 2024
Evidence of persistent inflationary pressures in the US is pushing government bond yields higher.
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2023 ANNUAL REPORT
ONE swiss bank
28 mars 2024
ONE swiss bank SA publishes its 2023 Annual Report.
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The monetary hawk, an endangered species
François Christen
27 mars 2024
Increasing central bank dovishness pushed US and European government bond yields lower.
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“Higher for longer”, the sequel
François Christen
20 mars 2024
Recent events are likely to confirm the FOMC's wait-and-see stance, which is not without its dangers.
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Will two doves make a summer?
François Christen
14 mars 2024
Friendly comments by Jerome Powell and Christine Lagarde foreshadow first interest rate cuts in June.
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Wall Street peaks, but the economy falters
François Christen
6 mars 2024
Recent, but not yet conclusive, indicators point to a deterioration in the US economy.
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The Fed and the ECB are in no hurry
François Christen
28 février 2024
The US central bank's patience is fully justified, but the ECB's wait-and-see attitude is questionable.
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