Does 'moderate volatility' exist? Yes, and that's exactly what's happening in the markets right now.

Following the strong movements experienced in the financial markets since April, both in equities, with sharp corrections and a V-shaped recovery, and in government debt, which acted as a safe haven asset, we find ourselves in an environment that has returned to more moderate levels of volatility.

However, as Nerea Heras , head of Core Funds at GMAS, emphasizes, this stage "is not exempt from new spikes, once the Trump administration has softened its rhetoric on the imposition of tariffs and has granted a more flexible negotiation period with the different trading zones."

The improved tone of the markets was also helped by the release of first-quarter results, which exceeded expectations (especially in the United States), with the technology and pharmaceutical sectors as the main drivers. Although it is true that "most companies warned during their conference calls with analysts about the uncertainty that a trade war could have on their profits."

On the macroeconomic front, "we continue to see stable growth, but where the tariffs are really having an impact is on confidence, especially among consumers, both in the United States and Europe, and it may only be a matter of time before they end up affecting economic growth," he warns.

In addition to closely monitoring this potential impact on growth, we have another open front to pay attention to: the estimated increase in the US deficit . The expansion of tax breaks that Trump wants to implement will not help, as "this could raise the government deficit from the current level of around 6% of GDP to 8% in 2034, a considerable increase in debt that would have to be addressed."

There is another open front to which we must pay attention: the estimate of the increase in the American deficit.

What does appear to be trending well for the moment is inflation, which "is giving both the European Central Bank and the US Fed" room to continue lowering benchmark interest rates.

Ultimately, we mustn't forget one thing: "Market movements will always occur. Therefore, we take this opportunity to remind you of the importance of diversifying investments, adapting them to your risk profile, and always respecting your investment horizon ," he concludes.

Following the strong movements experienced in the financial markets since April, both in equities, with sharp corrections and a V-shaped recovery, and in government debt, which acted as a safe haven asset, we find ourselves in an environment that has returned to more moderate levels of volatility.