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Generally speaking, there are two causes for money supply to go up quickly. On the one hand, banks can increase lending that creates deposits and expands the money multiplier. On the other hand, governments can run large fiscal deficits financed by central banks and commercial banks.
Yves Ceelen, Head of Institutional Portfolio Management, explains how to build an optimal portfolio to cope well in an environment of increased volatility with a preferred exposure to large cap equities, international government bonds and physical gold.
Bond markets continued their rally in June only to partly give back some performance achieved in May in a sharp correction early July. Our asset allocation framework keeps driven by a continued weakening of economic momentum and the central bank induced search for yield.