European Central Bank

Declining macro outlook

Remains low in Switzerland

Reducing gilts

Cautious note

Robert Holzmann

With CPI soaring to four-decade highs, G10 central banks have been struggling to regain their inflation-busting credibility that is being ridiculed by persistently higher data, and which has forced them to throw “transitory” out the window.

As we look ahead to the rest of 2022 the biggest question for investors around the world will continue to be around inflation.

Expect the unexpected

Negative returns are rare