Counterpoint · July 2026
Recalibrating the path — Counterpoint July 2026
Monetary policy expectations have shifted again. We recalibrate our assumptions and explain what has changed in our positioning.
Markets have repriced the path of interest rates several times this year. In this edition of Counterpoint we recalibrate our assumptions on growth, inflation and policy.
We explain the adjustments we have made across asset classes, the areas where we are adding risk selectively, and where we prefer to remain patient.
As always, our starting point is the long-term strategic allocation designed around each client's objectives — tactical shifts complement that framework rather than replace it.
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