A slow road to inflation normalisation | Interview with Dr. Thomas Hempell, Head of Macro & Market Research at Generali Insurance Asset Management

With supply chain bottlenecks easing, will central banks soon pivot towards an accommodative stance? Unfortunately not, says Dr. Thomas Hempell, Head of Macro & Market Research at Generali Insurance Asset Management. Labour markets are tight, especially in the US, and high energy costs in Europe may resume if winter turns cold and worries about gas shortages return. So while the worst inflation prints are likely behind us, there is still a long way to go until central banks can declare victory over the inflation beast.


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Disclaimer
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Chapters

• 0:21 The synchronized rebound of equities and bonds has carried over into November. Is this latest move justified?
• 1:07 You said that investors expressed relief about inflation prints – is the worst over regarding global price pressures?
• 1:48 Does this mean that central banks can soon pivot towards an accommodative stance?
• 2:38 So what can we expect for the Fed and ECB in December?
• 3:36 As you are mentioning risks, how worried do we need to be about rising Covid cases in China?
• 4:33 So Thomas, how do you currently recommend to tweak portfolio allocations?