November 19, 2025
By Bob Stoutjesdijk, Global Macro Strategist
Prepare, don’t wait for the proof!
In Money Matters, Bob Stoutjesdijk, Global Macro Strategist, explores how decisions by central banks such as the ECB and the Fed ripple through credit and equity markets, offering concise and accessible commentary on key macro dynamics.
In this opening piece, he focuses on late-cycle signals: weakening U.S. labour data, Europe’s structural stagnation, rising fragilities in credit and regional banks, and the evolving liquidity backdrop as central banks begin easing.