{"id":28682,"date":"2025-11-25T10:20:49","date_gmt":"2025-11-25T10:20:49","guid":{"rendered":"https:\/\/www.algebris.com\/?p=28682"},"modified":"2025-11-25T10:23:56","modified_gmt":"2025-11-25T10:23:56","slug":"the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks","status":"publish","type":"post","link":"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/","title":{"rendered":"The Algebris View | Trovare valore nel credito tra inflazione e politica fiscale"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"\ud83c\uddee\ud83c\uddf9 The Algebris View | Trovare valore nel credito tra inflazione e politica fiscale (Gabriele Fo\u00e0)\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/zy5VLeSi9sY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Il 2025 \u00e8 passato da una fase iniziale di forte volatilit\u00e0 a un contesto pi\u00f9 stabile, perch\u00e9 i mercati si sono adattati alle nuove politiche USA e i dati macro sono rimasti migliori delle attese, con crescita resiliente e banche centrali ancora di supporto. <\/p>\n\n\n\n<p>Guardando al 2026, i due rischi principali restano inflazione e politica fiscale: una riaccelerazione dei prezzi o un nuovo stimolo pre-midterm potrebbe rimettere pressione su tassi e deficit. <\/p>\n\n\n\n<p>Nel fixed income vediamo poco valore sulla parte breve e media dei governativi, mentre la parte lunga offre opportunit\u00e0 selettive, soprattutto in Europa e Regno Unito dopo un irripidimento probabilmente eccessivo. Nel credito gli spread sono molto compressi, quindi non \u00e8 un mercato da comprare in blocco ma da affrontare con massima selettivit\u00e0. <\/p>\n\n\n\n<p>Il valore \u00e8 disperso e lo individuiamo nei subordinati finanziari di qualit\u00e0, in alcune utilities USA, nel residenziale europeo e in certe obbligazioni investment grade a duration pi\u00f9 lunga. <\/p>\n\n\n\n<p>Guarda l&#8217;analisi di fine anno di <strong>Gabriele Fo\u00e0<\/strong> (Global Credit Portfolio Manager, Algebris Investments)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Il 2025 \u00e8 passato da una fase iniziale di forte volatilit\u00e0 a un contesto pi\u00f9 stabile, perch\u00e9 i mercati si sono adattati alle nuove politiche USA e i dati macro sono rimasti migliori delle attese, con crescita resiliente e banche centrali ancora di supporto. Guardando al 2026, i due rischi principali restano inflazione e politica [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":28680,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,124],"tags":[],"asset-class":[224],"algebris-themes":[235],"class_list":["post-28682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-views-it","category-podcast-it","asset-class-credit-it","algebris-themes-global-credit-it"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Algebris View | Trovare valore nel credito tra inflazione e politica fiscale - Algebris Investments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Algebris View | Trovare valore nel credito tra inflazione e politica fiscale - Algebris Investments\" \/>\n<meta property=\"og:description\" content=\"Il 2025 \u00e8 passato da una fase iniziale di forte volatilit\u00e0 a un contesto pi\u00f9 stabile, perch\u00e9 i mercati si sono adattati alle nuove politiche USA e i dati macro sono rimasti migliori delle attese, con crescita resiliente e banche centrali ancora di supporto. Guardando al 2026, i due rischi principali restano inflazione e politica [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/\" \/>\n<meta property=\"og:site_name\" content=\"Algebris Investments\" \/>\n<meta property=\"article:published_time\" content=\"2025-11-25T10:20:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-25T10:23:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/media.algebris.com\/content\/ye2025-globalcredit-website.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1217\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Andrea Molteni\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Andrea Molteni\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/\"},\"author\":{\"name\":\"Andrea Molteni\",\"@id\":\"https:\/\/www.algebris.com\/it\/#\/schema\/person\/4b3d11dd0f7d6e3130de26cc9436a0bc\"},\"headline\":\"The Algebris View | Trovare valore nel credito tra inflazione e politica fiscale\",\"datePublished\":\"2025-11-25T10:20:49+00:00\",\"dateModified\":\"2025-11-25T10:23:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/\"},\"wordCount\":182,\"publisher\":{\"@id\":\"https:\/\/www.algebris.com\/it\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/media.algebris.com\/content\/ye2025-globalcredit-website.jpg\",\"articleSection\":[\"Market Views\",\"Podcast e video\"],\"inLanguage\":\"it-IT\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/\",\"url\":\"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/\",\"name\":\"The Algebris View | Trovare valore nel credito tra inflazione e politica fiscale - Algebris Investments\",\"isPartOf\":{\"@id\":\"https:\/\/www.algebris.com\/it\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/media.algebris.com\/content\/ye2025-globalcredit-website.jpg\",\"datePublished\":\"2025-11-25T10:20:49+00:00\",\"dateModified\":\"2025-11-25T10:23:56+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/#breadcrumb\"},\"inLanguage\":\"it-IT\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"it-IT\",\"@id\":\"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/#primaryimage\",\"url\":\"https:\/\/media.algebris.com\/content\/ye2025-globalcredit-website.jpg\",\"contentUrl\":\"https:\/\/media.algebris.com\/content\/ye2025-globalcredit-website.jpg\",\"width\":1920,\"height\":1217},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.algebris.com\/it\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Podcast e video\",\"item\":\"https:\/\/www.algebris.com\/it\/category\/podcast-it\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"The Algebris View | Trovare valore nel credito tra inflazione e politica fiscale\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.algebris.com\/it\/#website\",\"url\":\"https:\/\/www.algebris.com\/it\/\",\"name\":\"Algebris Investments\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.algebris.com\/it\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.algebris.com\/it\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"it-IT\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.algebris.com\/it\/#organization\",\"name\":\"Algebris Investments\",\"url\":\"https:\/\/www.algebris.com\/it\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"it-IT\",\"@id\":\"https:\/\/www.algebris.com\/it\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/media.algebris.com\/content\/cropped-logo1.png\",\"contentUrl\":\"https:\/\/media.algebris.com\/content\/cropped-logo1.png\",\"width\":250,\"height\":78,\"caption\":\"Algebris Investments\"},\"image\":{\"@id\":\"https:\/\/www.algebris.com\/it\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.linkedin.com\/company\/algebris-investments\/about\/\",\"https:\/\/www.youtube.com\/channel\/UC_MiRdysidJhtSWRVxtH-3g\/featured\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.algebris.com\/it\/#\/schema\/person\/4b3d11dd0f7d6e3130de26cc9436a0bc\",\"name\":\"Andrea Molteni\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"it-IT\",\"@id\":\"https:\/\/www.algebris.com\/it\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/62e54ff4a2115d90cc8d67b085990ae2b90fd1fdc412c647e1d63cd03fde6493?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/62e54ff4a2115d90cc8d67b085990ae2b90fd1fdc412c647e1d63cd03fde6493?s=96&d=mm&r=g\",\"caption\":\"Andrea Molteni\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Algebris View | Trovare valore nel credito tra inflazione e politica fiscale - Algebris Investments","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/","og_locale":"it_IT","og_type":"article","og_title":"The Algebris View | Trovare valore nel credito tra inflazione e politica fiscale - Algebris Investments","og_description":"Il 2025 \u00e8 passato da una fase iniziale di forte volatilit\u00e0 a un contesto pi\u00f9 stabile, perch\u00e9 i mercati si sono adattati alle nuove politiche USA e i dati macro sono rimasti migliori delle attese, con crescita resiliente e banche centrali ancora di supporto. Guardando al 2026, i due rischi principali restano inflazione e politica [&hellip;]","og_url":"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/","og_site_name":"Algebris Investments","article_published_time":"2025-11-25T10:20:49+00:00","article_modified_time":"2025-11-25T10:23:56+00:00","og_image":[{"width":1920,"height":1217,"url":"https:\/\/media.algebris.com\/content\/ye2025-globalcredit-website.jpg","type":"image\/jpeg"}],"author":"Andrea Molteni","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Andrea Molteni","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/#article","isPartOf":{"@id":"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/"},"author":{"name":"Andrea Molteni","@id":"https:\/\/www.algebris.com\/it\/#\/schema\/person\/4b3d11dd0f7d6e3130de26cc9436a0bc"},"headline":"The Algebris View | Trovare valore nel credito tra inflazione e politica fiscale","datePublished":"2025-11-25T10:20:49+00:00","dateModified":"2025-11-25T10:23:56+00:00","mainEntityOfPage":{"@id":"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/"},"wordCount":182,"publisher":{"@id":"https:\/\/www.algebris.com\/it\/#organization"},"image":{"@id":"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/#primaryimage"},"thumbnailUrl":"https:\/\/media.algebris.com\/content\/ye2025-globalcredit-website.jpg","articleSection":["Market Views","Podcast e video"],"inLanguage":"it-IT"},{"@type":"WebPage","@id":"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/","url":"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/","name":"The Algebris View | Trovare valore nel credito tra inflazione e politica fiscale - Algebris Investments","isPartOf":{"@id":"https:\/\/www.algebris.com\/it\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/#primaryimage"},"image":{"@id":"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/#primaryimage"},"thumbnailUrl":"https:\/\/media.algebris.com\/content\/ye2025-globalcredit-website.jpg","datePublished":"2025-11-25T10:20:49+00:00","dateModified":"2025-11-25T10:23:56+00:00","breadcrumb":{"@id":"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/#breadcrumb"},"inLanguage":"it-IT","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/"]}]},{"@type":"ImageObject","inLanguage":"it-IT","@id":"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/#primaryimage","url":"https:\/\/media.algebris.com\/content\/ye2025-globalcredit-website.jpg","contentUrl":"https:\/\/media.algebris.com\/content\/ye2025-globalcredit-website.jpg","width":1920,"height":1217},{"@type":"BreadcrumbList","@id":"https:\/\/www.algebris.com\/it\/podcast-it\/the-algebris-view-finding-value-in-credit-amidst-inflation-and-fiscal-risks\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.algebris.com\/it\/"},{"@type":"ListItem","position":2,"name":"Podcast e video","item":"https:\/\/www.algebris.com\/it\/category\/podcast-it\/"},{"@type":"ListItem","position":3,"name":"The Algebris View | Trovare valore nel credito tra inflazione e politica fiscale"}]},{"@type":"WebSite","@id":"https:\/\/www.algebris.com\/it\/#website","url":"https:\/\/www.algebris.com\/it\/","name":"Algebris Investments","description":"","publisher":{"@id":"https:\/\/www.algebris.com\/it\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.algebris.com\/it\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"it-IT"},{"@type":"Organization","@id":"https:\/\/www.algebris.com\/it\/#organization","name":"Algebris Investments","url":"https:\/\/www.algebris.com\/it\/","logo":{"@type":"ImageObject","inLanguage":"it-IT","@id":"https:\/\/www.algebris.com\/it\/#\/schema\/logo\/image\/","url":"https:\/\/media.algebris.com\/content\/cropped-logo1.png","contentUrl":"https:\/\/media.algebris.com\/content\/cropped-logo1.png","width":250,"height":78,"caption":"Algebris Investments"},"image":{"@id":"https:\/\/www.algebris.com\/it\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/algebris-investments\/about\/","https:\/\/www.youtube.com\/channel\/UC_MiRdysidJhtSWRVxtH-3g\/featured"]},{"@type":"Person","@id":"https:\/\/www.algebris.com\/it\/#\/schema\/person\/4b3d11dd0f7d6e3130de26cc9436a0bc","name":"Andrea Molteni","image":{"@type":"ImageObject","inLanguage":"it-IT","@id":"https:\/\/www.algebris.com\/it\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/62e54ff4a2115d90cc8d67b085990ae2b90fd1fdc412c647e1d63cd03fde6493?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/62e54ff4a2115d90cc8d67b085990ae2b90fd1fdc412c647e1d63cd03fde6493?s=96&d=mm&r=g","caption":"Andrea Molteni"}}]}},"_links":{"self":[{"href":"https:\/\/www.algebris.com\/it\/wp-json\/wp\/v2\/posts\/28682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.algebris.com\/it\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.algebris.com\/it\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.algebris.com\/it\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.algebris.com\/it\/wp-json\/wp\/v2\/comments?post=28682"}],"version-history":[{"count":2,"href":"https:\/\/www.algebris.com\/it\/wp-json\/wp\/v2\/posts\/28682\/revisions"}],"predecessor-version":[{"id":28684,"href":"https:\/\/www.algebris.com\/it\/wp-json\/wp\/v2\/posts\/28682\/revisions\/28684"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.algebris.com\/it\/wp-json\/wp\/v2\/media\/28680"}],"wp:attachment":[{"href":"https:\/\/www.algebris.com\/it\/wp-json\/wp\/v2\/media?parent=28682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.algebris.com\/it\/wp-json\/wp\/v2\/categories?post=28682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.algebris.com\/it\/wp-json\/wp\/v2\/tags?post=28682"},{"taxonomy":"asset-class","embeddable":true,"href":"https:\/\/www.algebris.com\/it\/wp-json\/wp\/v2\/asset-class?post=28682"},{"taxonomy":"algebris-themes","embeddable":true,"href":"https:\/\/www.algebris.com\/it\/wp-json\/wp\/v2\/algebris-themes?post=28682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}