The improvement of global economic conditions will allow the Fed and the ECB to reduce the degree of monetary accommodation, each with its own scale: continuation of the fed funds rate hike cycle for the Fed and reduction of asset purchases for the ECB.
Valentine AINOUZ, Didier BOROWSKI, Bastien DRUT
GDP stagnated in the first quarter of 2015. The weather does not explain the entire situation. The dollar’s appreciation has an impact on activity that is comparable to a tightening of monetary conditions. Should we fear the end of the cycle? In terms of profi ts, yes, but in terms of economic activity, it is still premature.
Head of Macroeconomic Research
This section develops our central scenario and our main convictions. It highlights the main orientationsos our asset allocation and presents the strategies that characterize the structure of our portfolios: bond portfolios, equity portfolios and diversified portfolios.
Global Head of Research