ENGLISH Version In recent months, we had emphasized that the era we are living through has some similarities, and perhaps numerous similarities, to other previous historical eras. But it certainly has a new element that has never been there: the exit from a condition of monstrous liquidity injection that lasted…
Two Failed Banks in the U.S
There are two failed banks in the U.S.: Silvergate, drowned with crypto, and Silicon Valley Bank, heavily exposed in real estate, drowned, above all, for having an exaggerated amount of Treasuries in its belly, sold in the market for liquidity hedging purposes. Securities that if carried to maturity would have…
2G Certificates Update March 2023
After an excellent start to 2023, aided by the Fed’s easing of expectations, February’s economic data led to a steep rise in bond yields and a decline in equity markets. The Global Bond Index fell by 3.32 percent for the month while the S&P 500 Index lost -2.61 percent. At…
S&P Analysis
When the market goes up, there are those who predict stars on the S&P500; when it goes down, fate turns ineluctably to 3000. There has also been one voice, that of Mike Wilson, head of Morgan Stanley’s investment department, who predicted a minus 26 percent for the S&P500 in 2023….
Global Macro Updates
An inflation surprise for the ECB. Two of the biggest economies in the Eurozone, France and Spain, saw a surprise gain in consumer prices in February, seemingly causing a sell-off in Euro-area bonds, according to Bloomberg News. The Harmonised Index of Consumer Prices in France rose by 7.2% from the previous year, driven by the…