Published 29 Nov 2023
An analysis of inflation and German economic data, with observations about recent credit growth metrics.
Discussion regarding the change in private sector attitude towards debt in the last 10 years, and the risks posed to the economy from higher leverage levels linked to redidential and commercial real estate sectors.
Highlights of market expectations for forthcoming monetary policy and future interest rates, noting important trend reversal signals.
Reminder of how changes to market sentiment have led to important changes to risk valuations in the past