Beware the Ides of March…
The past 12 months have seen a swift withdrawal of loose monetary policies used by central banks over the previous decade. March 2023 then brought major market stress, including the US banking crisis triggered by the collapse of Silicon Valley Bank and two additional regional banks. Europe also faced challenges, highlighted by the sharp share price fall of Credit Suisse.
In our Q1 update, we review the recent developments in the banking sector, which have created a clear headwind for the industry. We also remain aware that the broader economic impact will likely be slower growth due to tighter credit conditions. This weaker growth should lead to a faster‑than‑expected decline in global CPI rates. That decline may encourage central banks to begin easing policy at a gradual pace.
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