Igor Kuchma

The identification of the new variant of the coronavirus in South Africa, identified as B.1.1.529, has triggered a veritable wave of panic in both financial markets and the real economy. The main fear was that the reintroduction of confinement and mobility restriction measures could end up triggering a new round of global growth slowdown. In […]

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One of the most discussed topics last week was the rise of inflation in the US. In the context of growing gasoline and food, prices the CPI skyrocketed last month to 6.2%, levels not seen since the 1990s. In the wake of the inflation figure, US President Joe Biden said that lowering inflation is one […]

As expected, the FOMC decided to start reducing the monthly pace of its net asset purchases by $10 billion for Treasury securities and $5 billion for mortgage-backed securities. Thus, purchases of Treasury bonds will be reduced to $70 billion and purchases of mortgage-backed securities to $35 billion per month by the end of November. At […]

Although Biden’s infrastructure bill hasn’t been approved yet, the rate of increase in the consumer price index has already reached highs of 2008. This could be mainly contributed to the economic recovery, energy crisis, supply chain disruptions, as well as chip and labor shortages. While understanding that inflationary pressures will not disappear any time soon, […]

One of the biggest surprises last week was the decision by the Central Bank of Turkey to lower the key interest rate by 200 basis points from 18% to 16%. As it couldn’t be any other way, the second in a row rate cut disappointed investor expectations and immediately caused the Turkish lira to fall […]

Earlier this year one of the biggest risks for the global economy was the appearance of new variants of coronavirus. Today, in turn, markets are mainly scared of inflationary pressures that are exacerbated by the energy crisis, bottlenecks and the labor shortage that affects companies throughout the developed world. According to the International Monetary Fund, […]

During the month of September, the market was cautiously following the situation around the US debt ceiling, the energy crisis, growing geopolitical tensions, as well as the default fears of one of the largest real estate developers in China, Evergrande. Unexpectedly, the first week of October brought clarity to the vast majority of these topics. […]

Time flies like an arrow. It feels like the year just started but we are already in the fourth quarter. The question then should be asked – how 2021 will end? The clue might be in the new earnings season that is about to begin in Europe and the US. Considering recent supply chain bottlenecks, […]

Last week was dominated by the meetings of the FOMC, BOE, and CBRT, the tension around one of the largest real estate developers in China, the elections in Germany, the updated growth forecasts by the OECD, as well as the energy crisis in Europe. Despite the eventful week, the S&P 500 VIX volatility index fell […]