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Monthly Report September 2026

High and Rising Bond Yields Put Financial Markets to the Test

The yield on 30-year US Treasuries surged above 5.3%, its highest level since 2007, while Japan saw long-dated yields reach their highest level since the 1990s and German ...

Monthly Report August 2026

The AI Stocks Giveth, and the AI Stocks Taketh Away

Global financial markets saw the near-unbridled enthusiasm surrounding artificial intelligence give way to a period of growing caution.

Quarterly Outlook Q3 2026

Between Record Highs and a New Monetary Policy Direction

Despite geopolitical tensions and a tighter monetary backdrop, financial markets remained resilient as attention increasingly shifted to the Federal Reserve's new policy direction.

Monthly Report June 2026

Kevin Warsh Becomes New Chair of the US Federal Reserve

With the change in leadership at the helm of the Fed, US monetary policy may be set for a fundamental reassessment.

Monthly Report May 2026

Politics is not about conviction. It’s about circumstances.

The illusion of moral purity in a world of hard choices

Quarterly Outlook Q2 2026

Between an Interest Rate Turnaround and a Geopolitical Shock

The Iran conflict abruptly reverses interest rate dynamics, puts pressure on credit markets, and accelerates the rotation in equity markets.

Monthly Report March 2026

Artificial Intelligence: How Narratives About Tomorrow Move Today’s Markets

AI as the defining forward-looking narrative of this market cycle

Monthly Report February 2026

„The Apprentice“ show at the Fed comes to an end – for now

With the appointment of Kevin Warsh as the new Fed chair, months of media speculation draw to a provisional close

Quarterly Outlook Q1 2026

A strong investment year with new accents

2025 was marked by resilient equity markets, exceptionally strong precious metals, stable credit markets and a pronounced weakness of the US dollar.

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