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Raphaël Gallardo

Investment & Client Solutions Strategist

Central banks: from doves to hawks?

27.07.2017 - Raphaël Gallardo

Read market analysis by Raphaël Gallardo, Multi-asset strategist at Investment and Client Solutions investment division:

- Strong and synchronized global growth, with still no marked acceleration in inflation.
- Tension on long-term rates following tightening rhetoric from several G10 central banks.
- Trump’s reflationary agenda still bogged down in Congress.
- The Fed is forced to toughen its tone to safeguard its credibility against an overheating equity market and a fixed-income market that flies in the face of its macroeconomic scenario. The elimination of the Fed put is set to have major consequences for risky asset valuations.
- Ahead of the traditional summer slowdown in market liquidity, we continue to gradually cut back risk in our portfolios, exiting European high yield credit and local currency emerging market debt.
- We still underweight US equities.


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Raphael Gallardo graduated from the Ecole Nationale Supérieure des Mines de Paris, civil engineering course.

Raphael Gallardo began his career as a financial Engineer at Paribas in 1997, before joining the Economic Research division of BNP Paribas in 1999 and the Asset Management in 2005. In 2007, he became a Chief Economist at Axa IM.

He joined Natixis Asset Management in 2013 as an Investment & Client Solutions Strategist.