Tokyo’s headline CPI inflation fell below expectations in August, easing from 3.2% y/y to 2.9% y/y – slightly below anticipations of 3.0% y/y and the first dip below 3% in nearly one year. Similarly, the slowdown in…
Today’s Strategy Report chartbook presents the data underpinning our view that both inflation and growth are slowing, likely pointing to a recession beginning sometime in the first half of next year. We are tactically equal weight…
The profit outlook for the Eurozone continues to deteriorate. Find out what the drivers behind this deterioration are.
Since July, the DXY index is up 4.5% from the lows. On a broader trade-weighted basis, the Federal Reserve’s measure of the nominal dollar is up 2.9%. The usual suspects for dollar strength have been weakness in global…
The Treasury market’s reaction to Fed Chair Jermone Powell’s Jackson Hole speech was relatively tame on Friday. Although there was some volatility during the speech, the 10-year yield ended the day broadly unchanged.…
The final release of the University of Michigan’s gauge of US consumer inflation expectations unexpectedly rose in August. It shows 1-year ahead inflation expectations increased by a tenth of a percentage point to 3.5% (an…
Germany’s IFO survey sent a downbeat message on Friday. The headline Business Climate Index fell by 1.7 points to 85.7, below expectations of 86.8 and near the 85.2 level at which it bottomed in October. A 2.4-point…
In this report, we review our FX trade recommendations with suggestions on how to position for the next few months.
In this report, we assess the best opportunities in inflation-linked bonds in the major developed economies, based on trends in growth, inflation and the stance of monetary policies in each country. We conclude that the environment…