2023-09-15 Markets

Despite another expected rise in official rates (in the Eurozone), equities outperformed bonds last week, maybe because investors think (or hope) that every successive tightening brings us closer to the end of the monetary cycle. However, there is no indication in any official communication – here or in the US – that we are really there; all we can say is that we are closer to the end of the tightening phase than last year. Not exactly a useful revelation.
     As some of you know, we are in the middle of moving from our apartment of the last 14 years in Küsnacht to another one in Lugano. The next couple of months (we have to leave here at the end of next week and will probably have access to the new place in the second half of November) are going to be messy in terms of access and connections needed for the production of these notes. Apologies in advance for my disorganization (though I’m sure some of you will feel relieved…).
[Cover: lavoce.info]