Category: Quarterly

Retrospective Resilient financial markets The global macroeconomic and political context deteriorated further over summer. Some of the downside risks have materialised, especially the decision by the Trump administration to intensify the trade war with China, after announcing its intention to hit the remaining USD 300 billion of imports from China with 10% tariffs. After this […]

Retrospective The Fed adopts a cautious approach given the recession risks The Fed brutally changes its monetary policy stance, which goes from a restrictive mode – balance sheet shrinking, and 3 to 4 rates hikes expected in 2019 and 2020) – to a (very) dovish tone, including only one rate hike in 2020 and slowing […]