“In 2023 the credibility of central banks is at stake.” Borja Rubio
“It is time to take stock. There have been a series of lessons that 2022 has left us, in the first place it is that interest rates are not eternal or an anomaly”, says Borja Rubio, Wealth Manager at EBN Gestión Patrimonial.
“It seemed that inflation was never going to come, the final blow was the war in Ukraine and it has led to a tougher policy in the central banks of the world. The great victim has been fixed income. And finally, be careful with the fashions that form bubbles, a little influenced by rate hikes. We see that we have seen exponential price increases, ”he adds.
“The credibility of central banks is at stake. Lagarde’s speech was more aggressive than expected, but to reach the goal, we have to keep in mind that we are very far away. Everything seems to indicate that we are going to have a period of recession, slowdown and falls in GDP”, he concludes.
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