High inflation, tighter monetary policy, and new opportunities
Our macro view as of June 2022
Although inflation is showing the first signs of abating — more so in the USA than in the eurozone — we still expect inflation in both regions to remain at 5 to 6 per cent until the end of the year. Pressure on central banks, therefore, remains high. A tighter monetary policy, China’s lockdown, and the war in Ukraine are increasing the likelihood of a recession.
However, since the markets have already reacted very clearly to these events since the beginning of the year, we also see opportunities and are adjusting our portfolio.