Active monetary policy is sound monetary policy
With rising interest rates, central banks are pushing back against inflation.
Investment compass – September 2026
The monthly publication includes a topical editorial, our positioning including the conclusions from the analyses, a market overview of the most important asset classes, an assessment of the current economic situation in various regions, and our current model portfolios.
Rising interest rates are holding back demand and helping to prevent inflationary overheating of the economy.
Positioning
Neutral positioning now for gold, too
Headwinds are picking up. We’re moving closer to our long-term strategic focus.
Market overview
Higher interest rates are holding back the financial markets
Higher oil prices and interest rates are weighing on equities and bonds, while solid profits are limiting losses.
Economy
Global economy remains stable despite headwinds
The global economy remains stable despite headwinds. This means inflation is increasingly coming into focus.
Model portfolios
Taking profits on gold
Higher capital market interest rates are creating headwinds. Following the strong performance, we’re taking profits and unwinding our overweight in gold.
“Investing with foresight” short video
Watch this video to find out what impact developments in the Middle East are having on shipping through the Strait of Hormuz and oil prices.
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