{"id":17664,"date":"2023-03-09T14:55:58","date_gmt":"2023-03-09T13:55:58","guid":{"rendered":"https:\/\/www.banquecramer.ch\/market-insights-february-2023\/"},"modified":"2023-03-09T14:55:59","modified_gmt":"2023-03-09T13:55:59","slug":"market-insights-february-2023","status":"publish","type":"post","link":"https:\/\/www.banquecramer.ch\/it\/market-insights-february-2023\/","title":{"rendered":"Market Insights &#8211; February 2023"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"17664\" class=\"elementor elementor-17664\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-748db1e elementor-section-height-min-height elementor-section-items-stretch elementor-section-boxed elementor-section-height-default\" data-id=\"748db1e\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e8ffcd2\" data-id=\"e8ffcd2\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5c31218 elementor-widget__width-initial elementor-widget-tablet__width-initial elementor-widget elementor-widget-heading\" data-id=\"5c31218\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">Market Insights <br>February 2023<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2c7b52d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2c7b52d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-79cab35\" data-id=\"79cab35\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ba7af1d elementor-widget elementor-widget-heading\" data-id=\"ba7af1d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Verleugnung<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e41d0c4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e41d0c4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-428fc03\" data-id=\"428fc03\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1123916 elementor-widget elementor-widget-text-editor\" data-id=\"1123916\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\tIn section VII of Psychopathology of everyday life (1905), entitled \u201cThe forgetting of impressions and intentions\u201d, Sigmund Freud, the founder of psychoanalysis describes the mental process by which a person can sometimes reject the reality of a perception, on account of its potentially traumatic associations, despite overwhelming evidence. In that specific section, he recalls how he became angry with his wife during a visit to a restaurant. She was listening to a gentleman\u2019s conversation with his neighbors and asking him (Freud) questions that took up the thread of their discussion. A few weeks after the incident, Freud complains to a relative about this behavior, but he is not able to recall even a single word of the conversation of the gentleman &#8211; an amnesia undoubtedly determined by respect for his wife.\r\n\r\nSometimes, we, investors, have to endure too much. We prefer to forget. Forgetfulness of lingering price pressures, erasure of painful market drawdowns, dismissal of central bankers\u2019 warnings. If Sigmund Freud had seen January\u2019s \u201ceverything rally\u201d (S&amp;P 500 +6.2%, Nasdaq-100 +10.6%, Stoxx Europe 600 +6.7%, Xover\/CDX 5yr -60bp\/-54bp), he would have screamed Verleugnung! Denial! U.S. inflation is admittedly moderating, but the January CPI showed that the disinflationary process is far from being smooth. The gauge rose 0.5% in January after posting smaller 0.1% and 0.2% gains in December and November, respectively. On a year-over-year basis, headline\/core CPI advanced 6.4%\/5.6% (consensus +6.2%\/+5.5%). Besides energy, several components showed some unexpected strength lately, such as prescription drugs (+2.1% month-over-month) or apparel (+0.8%), in addition to labor-reliant categories like nursing homes (+1.4%) or car repair (+1.3%). Inflation also rebounded at the wholesale level, with the PPI rising 0.7% in January, higher than the 0.4% estimate. The January core PCE price index came as a confirmation of the overall rebound, advancing by 0.6% month-overmonth on both the headline and core (consensus +0.5%\/+0.4%, respectively).\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4ff5688 elementor-hidden-desktop elementor-hidden-tablet elementor-widget elementor-widget-text-editor\" data-id=\"4ff5688\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Hans Itburrun<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79e74fc elementor-hidden-desktop elementor-hidden-tablet elementor-widget elementor-widget-text-editor\" data-id=\"79e74fc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Chief Investment Officer,<br \/>\nHead of EAM &amp; Head of Asset Management<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ee11f77 elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"ee11f77\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"page\" title=\"Page 2\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Hans Itburrun<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e250b4 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"5e250b4\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-xl elementor-animation-float\" href=\"https:\/\/www.banquecramer.ch\/wp-content\/uploads\/2023\/03\/Banque-Cramer-Market-Insights-Feb-2023.pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Download the full document<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-0a1c157\" data-id=\"0a1c157\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c1379f2 elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"c1379f2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Hans Itburrun<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9be4f8a elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"9be4f8a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Chief Investment Officer,<br \/>\nHead of EAM &amp; Head of Asset Management<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Market Insights February 2023 Verleugnung In section VII of Psychopathology of everyday life (1905), entitled \u201cThe forgetting of impressions and intentions\u201d, Sigmund Freud, the founder of psychoanalysis describes the mental process by which a person can sometimes reject the reality of a perception, on account of its potentially traumatic associations, despite overwhelming evidence. In that [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":16675,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","footnotes":""},"categories":[150],"tags":[162],"_links":{"self":[{"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/posts\/17664"}],"collection":[{"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/comments?post=17664"}],"version-history":[{"count":1,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/posts\/17664\/revisions"}],"predecessor-version":[{"id":17665,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/posts\/17664\/revisions\/17665"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/media\/16675"}],"wp:attachment":[{"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/media?parent=17664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/categories?post=17664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/tags?post=17664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}