March Global Macro Monthly - Faith in the system
Key points
- Recent failures of US banks and the government-overseen takeover of Credit Suisse have raised concerns over the health of the global banking sector as monetary tightening to address run-away inflation impacts.
- Authorities moved quickly to stem contagion risks, but heightened uncertainty and behavioural changes, including shifts in deposits, risk further disruption. Bank concerns risk tightening credit conditions and acting as an additional headwind to economic activity.
- Most developed central banks continued with their pre-banking concerns paths. But beyond the immediate policy moves, most suggested that the outlook had become more uncertain, although the European Central Bank and the Federal Reserve still suggested “some” further tightening to come.
- However, outside of banking, economies have broadly been more resilient, with still tight labour markets and inflation apparently stickier, causing quite a dilemma for central banks.
Related documents
Our experts and investment teams outline their key convictions.
Visit the investment instituteDisclaimer
The information on this website is intended for investors domiciled in Switzerland.
AXA Investment Managers Switzerland Ltd (Part of BNP Paribas Group) is not liable for unauthorised use of the website.
This website is for advertising and informational purpose only. The published information and expression of opinions are provided for personal use only. The information, data, figures, opinions, statements, analyses, forecasts, simulations, concepts and other data provided by AXA Investment Managers Switzerland Ltd (Part of BNP Paribas Group) in this document are based on our knowledge and experience at the time of preparation and are subject to change without notice.
AXA Investment Managers Switzerland Ltd (Part of BNP Paribas Group) excludes any warranty (explicit or implicit) for the accuracy, completeness and up-to-dateness of the published information and expressions of opinion. In particular, AXA Investment Managers Switzerland Ltd (Part of BNP Paribas Group) is not obliged to remove information that is no longer up to date or to expressly mark it a such. To the extent that the data contained in this document originates from third parties, AXA Investment Managers Switzerland Ltd (Part of BNP Paribas Group) is not responsible for the accuracy, completeness, up-to-dateness and appropriateness of such data, even if only such data is used that is deemed to be reliable.
The information on the website of AXA Investment Managers Switzerland Ltd (Part of BNP Paribas Group) does not constitute a decision aid for economic, legal, tax or other advisory questions, nor may investment or other decisions be made solely on the basis of this information. Before any investment decision is made, detailed advice should be obtained that is geared to the client's situation.
Past performance or returns are neither a guarantee nor an indicator of the future performance or investment returns. The value and return on an investment is not guaranteed. It can rise and fall and investors may even incur a total loss.
AXA Investment Managers Switzerland Ltd (Part of BNP Paribas Group)
__________________________________________________________________________
AXA IM and BNPP AM are progressively merging and streamlining our legal entities to create a unified structure
AXA Investment Managers joined BNP Paribas Group in July 2025. Following the merger of AXA Investment Managers Paris and BNP PARIBAS ASSET MANAGEMENT Europe and their respective holding companies on December 31, 2025, the combined company now operates under the BNP PARIBAS ASSET MANAGEMENT Europe name.