


Perspectives multi-assets
Aujourd’hui, les gouvernements jouent un rôle de plus en plus déterminant dans l’orientation des marchés, marquant l’avènement d’une ère de domination budgétaire.
L’époque du fort activisme des banques centrales, caractéristique du début des années 2000, semble révolue. À cette époque, des institutions comme la Fed ou la BCE s’efforçaient de stabiliser l’économie à travers des politiques telles que l’assouplissement quantitatif, la communication prospective (« forward guidance ») ou des baisses de taux rapides. Ces interventions étaient principalement technocratiques et menées de manière indépendante des gouvernements élus.
The hidden cost of monetary debasement
Monetary debasement has been a recurring process throughout economic history, with governments and central banks seeking ways to manage mounting debts and economic crises. In its simplest form, debasement refers to the reduction in the value of a currency, historically through lowering the precious metal content (such as gold and silver) in coins, and in modern times through excessive creation of money. While these measures have sometimes provided short-term relief, they carry hidden costs that can have profound long-term implications.
From ‘US Exceptionalism’ to ‘the End of an Empire’?
‘Liberation Day’, announced on the April 2, was a game-changer and yet another warning shot fired by the Trump administration. The ensuing 90-day pause brought additional volatility to the markets, resulting in sharp fluctuations that felt like financial whiplash. The global tectonic plates are shifting, and everyone must adjust.