Insights

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GianLuigi Mandruzzato

Investment Insights • MFN 22 September 2023

Is the SNB done with rate hikes?

The SNB surprised markets and left rates unchanged in September. In this Macro Flash Note, Senior Economist GianLuigi Mandruzzato looks at the outlook for the Swiss economy to evaluate if SNB policy rates have peaked.

GianLuigi Mandruzzato

3 min read

Investment Insights • MFN 12 September 2023

The ECB's dilemma

The outcome of the upcoming European Central Bank (ECB) interest rate decision is unusually uncertain. The Governing Council will debate how much weight to put on backward and forward-looking data. In this Macro Flash Note, Senior Economist GianLuigi Mandruzzato looks at the factors that could shift the balance in favour of a new rate increase or a pause.

GianLuigi Mandruzzato

4 min read

Investment Insights • MFN 06 September 2023

European inflation slowed further in August

In August, inflation fell further in the eurozone and Switzerland but remained above the European Central Bank’s and Swiss National Bank’s targets. In this Macro Flash Note, GianLuigi Mandruzzato and Amanda Cotti look at the implications of the latest data for the September meetings of the ECB and the SNB.

GianLuigi Mandruzzato

2 min read

Investment Insights • Infocus 06 September 2023

How high is the risk of a wage-price spiral?

Recent high inflation rates have raised concerns of a wage-price spiral developing. Central banks have stressed they will closely monitor developments in the job market when setting interest rates to guard against this risk materialising. Here we look at how prices and labour costs affect each other and the implications for monetary policy.

GianLuigi Mandruzzato

2 min read

Investment Insights • Infocus 18 July 2023

Where are energy markets headed?

Falling energy prices have recently provided relief to consumers after large increases over the past two years. In this edition of Infocus, Senior Economist GianLuigi Mandruzzato looks at the fundamentals of oil and natural gas markets and considers the near-term outlook.

GianLuigi Mandruzzato

2 min read

Investment Insights • MFN 10 July 2023

How far away is price stability in the eurozone and Switzerland?

In June, inflation fell again in the eurozone and Switzerland. However, the European Central Bank (ECB) and the Swiss National Bank (SNB) noted that it remains too high and that further rate increases are likely. In this Macro Flash Note, Senior Economist GianLuigi Mandruzzato looks at how far away price stability is in the two economies.

GianLuigi Mandruzzato

3 min read

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Insights

Is the SNB done with rate hikes?

The ECB's dilemma

European inflation slowed further in August

How high is the risk of a wage-price spiral?

Where are energy markets headed?

How far away is price stability in the eurozone and Switzerland?

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