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Enguerrand Artaz
A spoke in the wheel of the US economy

A spoke in the wheel of the US economy

It has rarely been so difficult for US households to purchase a property. Indices measuring access to property – of...

The first phase of the waltz

The first phase of the waltz

At the end of March, the Swiss National Bank inaugurated the ball on interest rate cuts, before being joined, at...

Walmart’s magnifying mirror

As the first-quarter earnings season draws to a close, Walmart, one of the last remaining stock market heavyweights, went through...

Walmart’s magnifying mirror
Concerto for brass

Concerto for brass

USD 10,000. The figure resonated like a vibrato in the lively concerto accompanying the industrial metals market for the last few...

Is the easing real or an illusion?

At the last meeting of the US Federal Reserve (Fed) in December 2023, its Chair Jerome Powell gave a particularly...

Is the easing real or an illusion?
Back to the nineties

Back to the nineties

January 1996. Having raised its key interest rate from 3% to 6%[1], the US Federal Reserve (Fed) completed a brief...

The return of inflation – a legitimate fear or stubborn memory?

Although volatility in markets is at a low – as can be seen from the level of the VIX or...

The return of inflation – a legitimate fear or stubborn memory?
Has Germany got trapped by its own certainties?

Has Germany got trapped by its own certainties?

“The sound of a train whistle conjures up the whole station.” When writing his “Notes on the Cinematographer,” filmmaker Robert...

Buy now, pay later

Probably the most striking divergence in macroeconomic statistics in the current environment can be found in the US, between GDP...

Buy now, pay later
Young people in the US labour force – caught between a rock and a hard place

Young people in the US labour force – caught between a rock and a hard place

For a number of months, US employment has taken a clear turn for the worse, having been at record levels...

Giants with feet of clay?

86%: this is the share of S&P 500 performance (excluding dividends) realised this year by the “magnificent seven” – Alphabet, Amazon, Apple,...

Giants with feet of clay?