Dear Client, This is our last publication of 2018. We wish all our clients a Merry Christmas and a Happy New year! We will be back on January 3, 2019. Thank you, The Commodity & Energy Strategy Team! Because they missed…
Highlights Dear Client, This is the final Global Fixed Income Strategy report for 2018. We will return with our first report of the new year on January 8th, 2019. Our entire team wishes you a very happy holiday season and a prosperous…
The health of a country’s financial sector is a critical part of its ability to grow. The clear differences between the Spanish and Italian economy since the euro area crisis illustrates that point. Spain handled its…
Last week the BoC telegraphed a pause in its hiking campaign in response to weaker-than-expected economic data and growing questions on whether the Fed will keep raising rates. We do not interpret this recent dovish tilt in their…
Beyond the numerous headwinds that will be created for the Canadian economy once the housing market begins to buckle, there are already signs of stress. Canada’s Leading Economic Indicator (LEI) is currently heralding a…
According to excellent research from Ed Leamer on the role of housing in post-war U.S. business cycles, nine of 11 recessions were preceded by substantial problems in housing, and in seven of 11 recessions residential investment…
Rudi Dornbusch, a preeminent academic on international economics in the post-war period, once said that: “None of the post-war expansions died of old age. They were all murdered by the Fed.” Beyond noticing from…
OPEC 2.0’s meeting next week in Vienna once again will feature a full cast of dignitaries representing member states, including the energy ministers from the Kingdom of Saudi Arabia (KSA) and Russia, Khalid al-Falih and Alexander…
Dear Client, Early next week, we will be sending you our BCA Outlook 2019 - our annual dialogue with the bearishly inclined Mr. X and his family. In this report, BCA editors will highlight the most impactful themes for the global…