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Macro outlook– Twin Policy Test
Key pointsWe confront our forecasts from last year for 2023: we were too pessimistic on the impact of the monetary tightening on growth, at least in the USWe ex...
Investment Strategy Outlook – Modest growth, modest returns
Key pointsGiven bond yields hit multi-year highs in late 2023 we see strong potential for capital gains from hereCorporate bond returns should benefit from a mo...
Currencies Outlook – US dollar high(er) for longer
Key pointsThe US dollar looks set to remain supported by high US yields and a continuation of US’s macro resilienceBoth the euro and sterling are not cheap, w...
Another Mountain
Taylor rules tell us the “tightening peak” was too low…but also that significant cuts could be needed in 2024 The Autumn Statement and the normalisation o...
Mind the gap: Investors’ role in balancing fairness and competitiveness in executive pay
Key points: Executive pay and the gap with average employee pay is often a contentious issue We believe investors should advocate for fairer compensation struct...
Why consider inflation-linked bonds in a stabilising rates environment
Key points: While rates are expected to stabilise, inflation remains historically high and above central banks’ 2% target. Why investors may want to re-evalua...
Global Factor Views: Momentum and Quality fare best amid economic resilience and higher-for-longer rates
Key points: Macro conditions have been more resilient than expected While interest rates appear to be peaking, we expect them to stay high for longer as central...
Dies IRA?
Key points: While the US IRA is getting lots of praise, we present here a short defence of the European net zero strategy. Just the right amount of improvement...
Giving thanks (to bullish markets)
The macro narrative is starting to shift. As the market sees softer economic data and inflation updates coming though, it does not appear to believe there is an...
Risk premiums for the age
Risk aversion and age are supposed to be positively correlated. As such, I should be taking fewer risks given retirement is becoming a less distant prospect aft...
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AXA IM and BNPP AM are progressively merging and streamlining our legal entities to create a unified structure
AXA Investment Managers joined BNP Paribas Group in July 2025. Following the merger of AXA Investment Managers Paris and BNP PARIBAS ASSET MANAGEMENT Europe and their respective holding companies on December 31, 2025, the combined company now operates under the BNP PARIBAS ASSET MANAGEMENT Europe name.