
Editorial
From the surprising resilience of the US labor market to the start of the rate-cutting cycle by major central banks, the past month has been an eventful one. The US labor market has surprised with robust employment data even as services inflation remains sticky, presenting a complex backdrop for policymakers and investors alike. By contrast, the eurozone is facing increasing downside risks, with weaker industrial production casting a shadow over growth prospects.
Central banks are adapting to this new reality. The Federal Reserve and several other major central banks have embarked on a cycle of interest rate cuts, signaling a shift towards more accommodative monetary policy. Understanding the balance between growth prospects and inflationary pressures will be crucial in the coming months.
We invite you to explore our detailed analysis of these developments, including insights into inflation trends, labor market dynamics and market valuations. As always, our aim is to provide you with a clear and thoughtful perspective to help you navigate these uncertain times.
Wishing you a pleasant and insightful read.

Joan Bürgy
Investment Specialist

Jérôme Tobler, CIIA
Partner Senior Financial Advisor
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