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Summary How far will policy rates need to go to tame inflation and is a recession imminent? Until central banks see a significant decline in wage growth, they’re likely to keep conditions tighter for longer. There’s evidence that conditions may continue to suppor...
Summary Active central banks may create attractive opportunities for discretionary macro managers who can take advantage of higher volatility, higher rates and dynamic policy changes. The Russia-Ukraine conflict remains a large overhang across almost the entire commodity complex. ...
Summary Aiming to support the financing side, in August, the People’s Bank of China helped a few surviving private-owned enterprise (POE) developers to issue onshore SOE-guaranteed bonds. As reported last week, the PBOC has asked six major banks to lend RMB600bn to develope...
Summary Carbon dioxide (CO2) emissions from the Association of Southeast Asian Nations (ASEAN) power sector will peak in 2029 in the current forecast. In September 2021, the Indian central regulator published the draft deviation settlement mechanism (DSM) regulations, which propos...
Summary We’re underweight government bonds because yields have room to move higher, and we don’t think they can be a safe haven when recession comes. Stocks were choppy and short-term U.S. Treasury yields jumped after data showed persistent U.S. core inflation. We th...
Summary Confirming New Cycle Dynamics, the Truss government’s “mini budget” has unleashed absolute mayhem. The S&P 500 dropped 1.6% (down 24.8% y-t-d), while the Dow recovered 1.2% (down 18.4%). Freddie Mac 30-year fixed mortgage rates surged 26 bps to...
Summary After a bumpy year, 2023 could prove to be even more challenging for global goods trade with consumer demand faltering, oversupply returning, and the energy and subsequent inflation crisis persisting. So far this year, global merchandise trade has held up extremely well gi...
Summary Both the Empire Manufacturing Survey and Philly Fed business outlook are expected to remain in contraction territory. Earnings season heats up as we hear from Bank of America, Goldman Sachs, Netflix, and Tesla. Japan may need to intervene in the FX market again as the ...
Summary Global economic output contracted for a second straight month in September, adding to signs that businesses around the world are reporting the toughest conditions outside of pandemic lockdowns since the global financial crisis. Manufacturing is being hit by rising prices, ...
Summary The Fed is primarily concerned with what is happening with inflation. This earnings season will likely be filled with hiring freezes/layoff announcements, cost-cutting saving measures, and mostly downbeat outlooks. The West is working towards fresh sanctions and potent...