Some sort of credibility – some sort of capitulation

Monthly Comment | Fixed Income

“Credibility comes from results. Everything else is just marketing” (Richie Norton)

Central banks are committed to act data-dependent, i.e., rate hikes based on hard facts. This has brought down medium. to longer term inflation expectations to levels close to the inflation target. The price of its growth.

Credit risk has widened substantially during June, the weakest month since March 2020.

A mild recession is in the price – more to come? We prefer non-cyclicals and quality.

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