Aug. 21, 2019
August 2019 - How much monetary policy easing?
July proved to be yet another good month for global as well as US equities, which reached new all-time highs. Credit spreads also tightened during the month and macro fundamentals improved marginally. Our algorithms moved further into positive territory and we therefore maintained a full risk exposure across all strategies. The positive market development lasted until the very last days of July and only really made a decisive turn when the FOMC statement and the following press conference disappointed markets with its lack of clarity and dedication to an easing policy.
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