from our investment manager Mercer

After the climb comes the descent

France’s Alpe d’Huez is famous for its challenging climb and technically demanding descent, mirroring the current situation faced by central banks after aggressive interest rate hikes in 2022 and 2023. As they navigate the delicate balance between growth and inflation, the Federal Reserve and other central banks are cutting interest rates to transition from restrictive to more neutral levels. They will likely continue this approach until economic conditions stabilise, hoping to avoid any setbacks along the way. Read more