Currencies

Last week we discussed the Bank of Japan and its monetary policy evolution against a complicated global macroeconomic backdrop.

Last week we discussed our growing conviction that the Fed (and by extension a number of other DM Central Banks)

As we start 2023, the themes that dominate the macroeconomic debate are familiar

All animals are equal, but some are more equal than others …

Last week, we discussed what in our view is an evolving Fed reaction function – New Rules…

Last week, we discussed the rising importance of the economic growth data in conjunction…

Thanksgiving may well therefore be an important period of reflection…

The big question for markets is how the inflation path evolves in the near term and how growth and monetary policy responds…

If there is one thing that we can take from this week above other things, it is likely that the inflation risks for financial markets continue to be dominant…

Indeed, a sharp decline in inflation with rates in restrictive territory opens the prospects for a short 3, or in other words rate cuts…