Globalization and labor force growth have directly and indirectly provided a tremendous boost to asset prices in recent decades. In the coming years, labor forces in many major economies will shrink or this trend has already started. In addition, we must consider the threat of deglobalization. What are the long-term consequences and what do they mean for strategic asset allocation decisions?

Before starting a rate cutting cycle, the ECB and the Fed first want assurances that inflation has resumed the downward trend. This increases risks of a policy mistake by both central banks…

Structural factors continue to exert more upward pressure on inflation compared to the years before the corona crisis. This complicates the work of central banks. Can they lower interest rates substantially in this climate?