
Editorial
As the world’s largest economy, the United States continues to flex its economic muscles, solidifying its role as a critical engine of global growth. This enduring strength comes despite persistent inflation, which remains a primary concern for policymakers. Central banks worldwide are maintaining a cautious stance, requiring more substantial evidence before considering any easing of monetary policies.
In Europe, political activities have paused for the summer, providing a brief respite for investors. However, attention will soon shift to the upcoming US elections, a critical event that will undoubtedly influence market dynamics. As we look ahead, corporate earnings reports are on the horizon and are expected to be robust, adding a layer of optimism. Despite this, the recent weakness in US macroeconomic data presents a potential headwind, potentially limiting the scope for upside surprises.
Market sentiment regarding rates has recently adjusted, finding a semblance of equilibrium with the “higher for longer” interest rate scenario. Current projections suggest only two rate cuts by the end of the year. In this evolving economic landscape, the inflation target could become a baseline, with core inflation anticipated to remain above the 2% target through the end of 2024.
Understanding these market dynamics is key to making informed decisions, and we are here to guide you every step of the way. Have a nice read!

Jérôme Tobler, CIIA
Partner

Joan Bürgy
Investment Specialist
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