-
Bonds en vogue, but gold never out of style
Reassured by the resilience in macro data, and frustrated that inflation isn’t falling fast enough, major central banks have continued with the monetary tightening exercise, in some cases coming back to it after a brief pause. And as the lagging impact of their aggressive rate hikes ripples through the economy, the broad trend remains for slowing growth in the back half of the year. In the eurozone, the European Central Bank (ECB) has lifted interest rates by 4.5% since July last year, back to the highest ever level of 4%, to tame inflation. And while headline inflation is now well off October’s 10.6% ... (full story)