Central banks – The end of guidance Central banks are moving away from guidance. Warsh’s appearance at the ECB Forum on Central Banking in Sintra reinforced this shift. With uncertainty still high across growth, inflation and labour market dynamics, policymakers are increasingly reluctant to pre-commit to a clear path. For the ECB and the BoE, the […]

Stability remains the central theme The first half of 2026 was dominated by many events and by fast-changing macro assumptions that were difficult to predict, but relatively easy to adapt to within our strategies. In this new world of higher interest rates, the key word for banks and financials remains stability. This stability is underpinned […]

Fed – Credibility is back The first effects of the Warsh Fed are starting to show across markets, and the driver is straightforward: credibility. By reaffirming the 2% inflation target and maintaining an orthodox policy stance, the new Fed Chair has reassured investors that US monetary policy will remain anchored, rules-based and focused on price […]