Macroeconomic update for March 2023

The data looks positive: A lot of new jobs have been created in the USA, consumer confidence is growing, and consumer spending has increased. However, for the markets that is not particularly good. Inflation remains high and that might force central banks to stick to their restrictive monetary policy.

We think it’s a good time to take profits from equities. We expect rate reductions in the second half-year, so we maintain our overweight in government bonds and gold.