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Q2 Macroeconomic Quarterly Update

François Christen

François Christen

Chief Economist

Ongoing Covid 19 outbreaks (still met with harsh restrictions in China), dreadful geopolitical tensions, continuous reassessment of recession risks make if difficult to navigate highly volatile financial markets. In these troubled circumstances, investors should avoid emotional reactions to abrupt market gyrations and focus on fundamentals and long term potential of financial assets.

Macro

The odds in favor of a soft landing are increasing

Recent developments support hopes of a return to price stability without the pain of recession.
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Corporate

Results of the Extraordinary General Meeting of 16 November 2023

The shareholders of ONE swiss bank SA have largely approved the two agenda items put to a vote at today’s Extraordinary General Meeting.
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Macro

It’s high time to wait and see

Without getting too assertive, a cautious Jerome Powell cooled hopes of a rapid monetary turnaround.
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Macro

Full reversion

The FOMC, many symptoms of economic slowdown and the Treasury trigger a sharp fall in dollar yields.
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Macro

Choose your side, comrade investor

Should we be alarmed or pleased by the sharp upturn in bond yields? Some food for thought.
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Macro

The price to pay for a soft landing

The painful correction in US dollar bonds is mainly driven by a welcome rebound in "real" yields.
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Macro

Three pauses and plenty of uncertainty

Like the Fed, the Bank of England and the SNB are exercising restraint until the situation becomes clearer.
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Macro

The ECB enters uncharted territory

Compulsive and continuous interest rate hikes could give way to a long period of inaction.
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Macro

The focus is shifting to Frankfurt

Despite persisting inflation, weaker economic conditions should prompt the ECB to adopt a cautious stance.
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Macro

Neither too hot nor too cold (for now)

Recent mixed indicators are still compatible with a "soft landing" for the US economy.
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