Tramondo Quarterly (Q4 2022)

HIGHLIGHTS OF THE CURRENT ISSUE We strongly believe that financial markets and the real economy will have to cope and live with higher inflation – in 2022 and beyond. However, in the short-run, we may see a moderation of inflation pressure as supportive base effects in capital goods and commodities may spur some relief in […]

Tramondo Quarterly (Q3 2022)

HIGHLIGHTS OF THE CURRENT ISSUE In Q2 2022, financial markets were once again subject to high volatility. They struggled with various problem areas – from central bank policy and rampant inflation to the ongoing Russia-Ukraine conflict – which kept investors on their toes. Fed bankers continued their path towards monetary normalization: in May, they hiked […]

Tramondo Quarterly (Q2 2022)

HIGHLIGHTS OF THE CURRENT EDITION Both equity and fixed income markets experienced a rather challenging start into the new year. Initially, the US central bank dominated market headlines with a sudden change in its monetary policy outlook. However, central bank politics took a backseat in late February as the war between Russia and Ukraine moved […]

Tramondo Navigator 2022

HIGHLIGHTS OF THE CURRENT ISSUE There is reasonable doubt that inflation pressure will disappear anytime soon, especially in the US. Combined with central banks that will likely stay in a wait-and-see approach, particularly in the first half of 2022, gold finds a goldilocks environment that should spur a brilliant comeback in 2022. We heartily believe […]

Tramondo Quarterly (Q4 2021)

HIGHLIGHTS OF THE CURRENT EDITION During Q3 2021, financial markets were jolted by increased market volatility as yield movements – and corresponding sector rotations in equity markets – resembled a roller coaster ride. While growth stocks were able to outperform in July and August, yields across the globe enjoyed a dramatic comeback in September, enabling […]

Tramondo Quarterly (Q3 2021)

17. Oktober 2019 HIGHLIGHTS OF THE CURRENT EDITION In Q2 2021, global equity markets continued on a positive path fueled by solid earnings reports and policy makers’ commitment to keep floodgates open at both monetary and fiscal policy levels. Overall, inflation is definitely heating up. The only question is whether these price dynamics are transitory […]

Tramondo Quarterly (Q2 2021)

17. Oktober 2019 HIGHLIGHTS OF THE CURRENT EDITION Global equity markets started the new year on a positive note. Solid earnings reports for Q4 2020 and good progress in the vaccination campaigns (at least in some parts of the world) spurred investors’ risk appetite once again. The US central bank Fed expects inflation to pick […]

Tramondo Navigator 2021

17. Oktober 2019 HIGHLIGHTS OF THE CURRENT EDITION The announcement of two vaccines against COVID-19 that were highly effective in clinical trials drove a risk-on mood in financial markets and injected additional fuel into the post-election rally. Overall, the MSCI World index was up 11.3% in Q4 2020 so far. Across the globe, central bankers […]

Tramondo Quarterly (Q4 2020)

17. Oktober 2019 HIGHLIGHTS OF THE CURRENT EDITION There are over 30 million COVID-19 cases worldwide, tripling the number recorded by the end of Q2 2020. Since wide-ranging lockdown measures so far have failed to materialize, investors have been largely unimpressed by these latest virus developments. At its annual Jackson Hole meeting in August, Fed […]

Tramondo Quarterly (Q3 2020)

17. Oktober 2019 Highlights of the current edition The past quarter was very supportive for global equities and credit as central banks and governments provided enormous amounts of stimulus, and policymakers started to loosen lockdown measures. On the back of this supportive environment, and given the brutal sell-off in the first quarter of 2020, global […]