Edmond de Rothschild – Macro Highlights

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Economists' insight: The Fed steals Donald Trump’s thunder

Economists’ insight: Monetary tightening isn’t on the cards for the eurozone (p. 1)

›       Several dovish comments from eurozone central bankers this week confirmed that the ECB does not plan on halting its quantitative easing programme in 2017 and that it is premature to expect a rate hike in early 2018

›       The deceleration in eurozone inflation in March, which we expected, should help anchor inflation expectations that the ECB is likely to continue its accommodative monetary policy

Focus on Switzerland: Soft landing in the housing market (p. 3)

›       Switzerland’s housing market has been expanding rapidly since 2003, prompting fears of a real estate price bubble…

›       … but this rise has begun to slow thanks to steps taken by the Swiss National Bank and the Swiss government

›       We expect this downward trend to continue, as the households’ ability to finance their home purchase and demand coming from immigration are falling

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