Since our publication of Cost of Higher for Longer in February, we have seen interest rates across the curve move higher with expectation for rates to remain restrictive for longer. Liquidity continues to contract as G5 Central Banks shrink balance sheets at an unprecedented pace (~$5.5T over the last six quarters, see Figure 12MSCI ACWI Co-moves with Big-5 CB Assets…
Macro Strategy—Powell On A Mission: U.S. policymakers responded to the pandemic shutdowns with the most aggressive fiscal and monetary...
No month-end equity selling but likely buying, what if ship breaks, Oil and CTAs Over the past few days,...
I’ll be flying solo for this weekend’s Research Report, as Edward is off this weekend. So forgive any shortcomings...
CTAs’ net long position in USD/JPY cut by half from its recent peak Macro hedge funds may act on...
The ~3% drawdown in the S&P 500 this week took many by surprise. A key feature of this likely...
The equity market is facing one of the best backdrops for sustained gains in years. After a prolonged period...
Let’s begin with a mea culpa. In my note of 18 May 2023, I wrote that the risk/reward for equities...
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