Navigating Persistent Inflation and Policy Shifts in Global Markets

Edmond de Rothschild’s September 2025 CIO Letter provides a forward-looking perspective on markets, policy, and asset allocation amid ongoing inflationary pressures.

• Monetary policy divergence: The Fed maintains a cautious stance as tariffs weigh on inflation, while the ECB grapples with weaker European growth.

• Equities: Valuations remain stretched in the U.S., with selective opportunities in Europe and emerging markets where earnings visibility is improving.

• Fixed income: Higher yields create renewed appeal in sovereign and corporate bonds, though active duration management remains critical.

What portfolio adjustments can safeguard returns in this evolving macro backdrop? The full letter outlines actionable positioning strategies .