The perfectly synchronised moves in US, Japanese, German, and UK 30-year bond yields through the past two months are odd… and irrational. These irrational moves present compelling investment opportunities.
While we anticipate higher inflation in June, it looks increasingly likely that the price impact from tariffs will be less aggressive and long-lasting than many feared.
BCA’s EM strategists argue that a global macro shift is underway: A weaker US dollar will drive a retrenchment in US domestic demand and imports. Unlike previous cycles, dollar depreciation will be deflationary for the rest of the…
For now, measures of labor market utilization (like the unemployment rate) are only gradually weakening. But we know from history that these trends have a habit of quickly accelerating in advance of recession.
The May US jobs report reinforces our defensive stance as labor momentum is slowing even if not collapsing. Payrolls rose 139k, beating estimates, but decelerating from a downwardly revised 147k. Two-month revisions cut 95k jobs,…
Global growth showed tentative signs of improvement in May, but it is too early to call it a turning point. Our Chart Of The Week comes from Mathieu Savary, Chief European Investment Strategist. BCA’s nowcast for global industrial…
The Bank of Canada held rates at 2.75% but signaled a dovish shift, pushing us to overweight Canadian government bonds and go long CORRA futures. The policy rate remains within the BoC’s neutral range, allowing the Bank to wait for…
Our Portfolio Allocation Summary for June 2025.
Bitcoin has become one of investors’ favorite assets to safeguard against fading US exceptionalism, but physical bullion has some macro advantages over its digital counterpart. First, bitcoin has benefited greatly from the…