05 Février 2018

Inflation may well be still missing in action, but the last couple of days our other long-term missing companion, volatility returned to the markets. Over the past five trading days global equities were down 1.7%, real estate 2.7% and the ten-year German bond yields rose another 12 basis points to reach the highest level since end-2015. Also the USD witnessed some important intra-day moves last week on comments from politicians and policy makers.