Waves of inflation

Yesterday’s US inflation numbers were weaker than expected with core CPI ( excluding food & energy ) rising 0.2% for a second month in a row, the smallest back-to-back gains in 2 years. While all this is certainly positive, we believe it is too early to cry victory as inflation can come back with a vengeance and in waves as we have seen in the 70’s. So the next steps of the central banks will remain  very much data  dependent and investors should position their portfolios that way. ECP is launching 2 new short term bond UCITS today. Please do not hesitate to come back to the team in case of interest.