Adrien Pichoud Adrien Pichoud

21 years of experience
Chief Economist & Senior Portfolio Manager

Is the dollar strong by default?

The strength of the greenback is one of the major economic developments of 2022. The US dollar index, which measures the value of the dollar agains [...]

‘Not a time to be brave’

Global equity markets declined in August, ending the rebound that began in July. Most of the economic data released last month points to an economi [...]

Will the Swiss franc continue to appreciate against the euro?

Several factors seem to indicate that the euro may continue to depreciate against the franc, even though most of the bad news seems to be discounte [...]

Europe at the forefront of stagflation risks
Europe at the forefront of stagflation risks

High inflation has precipitated a slowdown in developed economies’ growth, with Europe facing the highest risk of stagflation due to the ongoing en [...]

Wall street
Your questions answered

Below are answers to our client’s most frequently asked questions on recession risk, French elections, Chinese equities, the cryptocurrencies crash [...]

Market Outlook - H2/2022
Market Outlook - H2/2022

Economic growth is likely to remain positive during the second half of the year, supported by the reopening of the Chinese economy.

Bringing inflation back to target at all costs
Bringing inflation back to target at all costs

Yesterday the Fed hardened the tone to signal its determination to curb inflation. At all costs? After yesterday’s 75bps hike, the market’s reactio [...]

The growth-inflation trade-off

Central banks have to re-learn to live with inflationary pressures and to normalize their monetary policy. Households are concerned by a decline of [...]

A soft landing with scary turbulence

Global equity markets are nearing bear market territory, being down nearly 20% from their recent peak. The acceleration of the market pullback seem [...]