Monthly Macro Update, August 2023
Last month brought resilience in the U.S., deflation in China, stagnation in Europe, and improved growth prospects elsewhere in emerging markets. The gap between upside economic surprises in the U.S. and disappointing data from Europe is at extreme levels that have rarely been seen in…
Monthly Macro Update, May 2023
Nearly a year and five percentage points later, the U.S. Federal Reserve’s tightening cycle may have finally run its course. Whether the Fed has the room to cut rates in coming months is less certain, depending on the resilience in employment and inflation pressures, as…
Global Markets Macro Monthly, March 2023
Markets globally gave back part of their early-year gains as the macro story turned more challenging. Upside surprises to both inflation and growth in the U.S. and Europe led to a sharply higher repricing in U.S. rates as well as renewed uncertainty around the Federal…
Global Markets Macro Monthly. February 2023
We are two months into the year and market sentiment has improved as investors dissect inflation numbers, economic data, and the path of the Federal Reserve. Levels in both the Cboe Volatility Index and ICE BofAML MOVE index – respectively used to gauge volatility in…