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Raphaël Gallardo

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.


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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.