As markets anticipate turning of the positive stock-bond correlation, our expert analysis covers the main opportunities that will affect multi-asset portfolios in the coming year.

The sum of financial tightening matters. As the tightening of the credit channel has increased following the recent bank shock, interest rate tightening should be lower than previously anticipated. This does not mean the ECB and other central banks will stop hiking, but we are closer to the peak.

What is the impact on your disposable income from higher interest rates? Not much, if you have little to no debt.