Cookie settings
Picture
Contactez-nous
Picture

Whatever it takes, in reverse

En bref

Summer of discontent. 2022 was always going to be a difficult year. Our 2022 Outlook, “Bye-bye beta” presented a difficult case for asset performance this year. Our Q2 Investment Views, “Mission impossible”, laid out the daunting task of monetary policy makers: crushing inflation without causing a hard landing.

Highlights:

  • Central banks are on a mission to fight the inflation beast – whatever it takes, even a recession. The financial mood will remain gloomy this summer as economic data deteriorates while central banks walk their hawkish talk. 
  • We expect the Fed to turn less aggressive this autumn, as it faces a deterioration of the economy and, eventually, employment data. Inflation headlines will also cool off by then, and more so in Q1. 
  • But for now, central banks (CBs) are left lamenting about second-round effects. The ‘wishful-thinking’ approach to policy (inconsistent ECB and Fed forecasts) have also delayed the market reckoning about the economic pain. We also question the ECB’s political and legal capacity to reallocate its huge balance sheet as it tries to lean against fragmentation.
  • We stick to our guns, with an underweight in equities and an overweight in high-quality credit. Increase cash over summer, whilst reducing the shorts in both core Govies and duration.
     

Read the full publication below

Investment View I Whatever it takes, in reverse
Notre Offre
Investissement Responsable
Actualités
Nous Connaître
Contactez-Nous
Picture
Picture
Picture

© Generali Investments, tous droits réservés. Ce site internet est publié par Generali Investments et est considéré comme une communication marketing et une promotion financière liée aux produits et services des sociétés du groupe Generali suivantes : Generali Investments Partners S.p.A. Società di gestione del risparmio, Generali Insurance Asset Management S.p.A. Società di gestione del risparmio, Generali Investments Luxembourg S.A. et Generali Investments Holding S.p.A. (ci-après dénommées ensemble Generali Investments). En outre, le site peut contenir des communications de marketing et de promotion financière de produits et services de sociétés faisant partie de la plate-forme Multi-Boutiques coordonnée par Generali Investments Partners S.p.A. Società di gestione del risparmio, et en particulier de Infranity, Sycomore Asset Management, Aperture Investors LLC, Plenisfer Investments SGR, Lumyna Investments, Sosteneo Infrastructure Partners SGR, Axis Retail Partners S.p.A. et Generali Real Estate S.p.A. Società di Gestione del Risparmio.

Informations juridiques
Politique en Matière de Cookies
Politique de Confidentialité
Conditions Générales
Droits d’Auteur
Glossaire