Market Mover Bce pronta a chiudere il ciclo dei tagli
Jun 6, 2025
Andrea Delitala, Head of Euro Multi Asset at Pictet Asset Management, shares insights on the recent shifts in the European Central Bank's monetary policy and its impact on inflation. He discusses the delicate balancing act between stimulating growth and managing inflation expectations. The conversation also touches on the evolving dynamics of global trade, particularly the US-China tariffs, and their implications for American growth. Delitala further analyzes the stock and bond market recovery, highlighting the euro's strength against the dollar and its effects on international investments.
AI Snips
Chapters
Transcript
Episode notes
ECB Rate Hike Cycle Nears End
- The ECB is nearing the end of its interest rate hike cycle, with the expected terminal rate around 1.66%.
- Real interest rates are close to zero, signaling the ECB is preparing for its next monetary policy phase.
US-China Tariff Dynamics
- US-China tariff tensions are less economically rational and more politically motivated.
- A potential easing of tariffs amid negotiations may improve growth prospects and reduce inflationary pressures.
Euro Gains vs Dollar Weakness
- The euro's appreciation reflects both capital repositioning towards Europe and relative weakness of the dollar.
- Investors are adjusting portfolios, gradually reducing their historically dominant dollar exposure.