Adrien Pichoud Adrien Pichoud

16 years of experience
Economist

October 2017
After initiating rate hikes two years ago, the Federal Reserve reached a new milestone in monetary policy normalisation process this month.[...]
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Our monthly view on asset allocation (October 2017)
Godot finally arrived. After nine years and three quantitative-easing programmes (QE 1, 2 and 3), the Fed began to reduce its balance sheet this month. [...]
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September 2017
In the current environment, there are many reasons for investors to be worried. However, for the first time since the 2008 financial crisis, economic growth is not one of them.[...]
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Our monthly view on asset allocation (August 2017)
The economic backdrop remains favourable with positive global growth momentum, especially outside the US, and a lack of inflationary pressures allowing central banks to remain on the accommodative sid [...]
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August 2017
The lack of visible inflationary pressure in the US economy is an increasingly frustrating puzzle for the Federal Reserve.[...]
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Our monthly view on asset allocation (July 2017)
The risks are either that economic and inflation expectations dive suddenly or central banks start realising that the side-effects of their ultra-loose policy are getting larger than the expected bene [...]
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July 2017
In June, the Federal Reserve raised USD short term rates for the third time in six months.[...]
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June 2017
Europe continues to lead global growth momentum.[...]
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