Inflation/Deflation
The combination of dollar weakness and rising US yields suggests global investors are questioning the safe-haven status of US Treasuries.
Trump’s tariff shock will push Europe into recession — but it’s also triggering a powerful integration response. In this report, we lay out the tactical case for staying defensive and the structural case for going long European assets when the dust settles.
Las medidas de estímulo que impulsaban la expansión pos-COVID empezaban a disminuir después de cinco años y encaminaban a la economía hacia una recesión que se produciría de forma orgánica. Ahora que DOGE y la guerra comercial en múltiples frentes han acelerado el calendario, reiteramos nuestras recomendaciones de aversión al riesgo.
The March employment report showed strong job growth, but the labor market remains in a fragile state and the demand shock from tariffs could be the catalyst that tips it over the edge into recession.