Investment & Client Solutions Strategist
Doctor Yellen and Mister Trump
27.02.2017 - Raphaël Gallardo
Read market analysis by Raphaël Gallardo, Multi-asset strategist at Investment and Client Solutions investment division.
• World economy growing above potential, creating the right backdrop for a potential return to inflation.
• But financial imbalances that built up during the period of intense monetary stimulus make any attempts to normalize interest rates extremely dangerous. Political uncertainty makes central banks’ task even tougher.
• Bond markets acknowledge risks on extent and timing of Trumpian stimulus.
• US equity markets tense; European equities reasonably priced but hit by political risk; emerging markets stand out as default option, but watch out for tightening of Chinese policy mix.
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.