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Executive Summary In this first of a regular series of ‘no holds barred’ conversations with a concerned client we tackle the hot topic of inflation. Month-on-month US core inflation has already peaked, 12-month US core…
Executive Summary Macron Still Favored, But Le Pen Cannot Be Ruled Out  Macron is still favored to win the French election but Le Pen’s odds are 45%. Le Pen would halt France’s neoliberal structural reforms,…
Executive Summary The Ukraine war reinforces our key view that commodity producers will use their geopolitical leverage this year. The market is growing complacent again about Russian risks. Iran is part of the same dynamic. If US-…
Executive Summary Long Small Cap Energy Versus Large Cap   President Biden has not received a boost in opinion polls from the Ukraine war. If he has not by now then it is increasingly unlikely that he will do so. Yet Biden…
Special Report Highlights There is no evidence of a decline in US corporate credit or bank lending spreads over the past few decades, meaning that any excess savings effect structurally depressing interest rates is occurring in the Treasury market. We…
Special Report Executive Summary The Good: There are compelling reasons to believe the Ukraine war will not break out into a broader NATO-Russia war, i.e. World War III. The Bad: The 1945 peace settlement is breaking down and the world is…
Due to travel commitments, there will be no Counterpoint report next week. Instead, we will send you a timely update and analysis of the Ukraine Crisis written by my colleague Matt Gertken, BCA Chief Geopolitical Strategist. Executive…
Special Report Executive Summary Major EM’s Defense Spends Will Be Comparable To That Of Developed Countries ​​​​ Tectonic geopolitical trends are taking shape in Emerging Markets (EMs) today that will leave an indelible imprint on the…
Executive Summary The conflict in Ukraine will grind on until Kiev and the coastal cities fall and Russia is able to seat a government that will keep the country firmly within its sphere of influence. Rallies on slight hopes for an…
Special Report Executive Summary Failure Of Iran Deal Tightens Oil Supply  The US and Iran suspended their attempt to negotiate a nuclear deal on March 11. Countries often get cold feet before major agreements but there are good reasons to…