Highlights U.S. Politics: We recommend that investors look through the political noise in D.C., which is unlikely to arrest the current cyclical economic upturn. Maintain a pro-growth asset allocation within fixed income portfolios:…

Dear Client, In addition to this abbreviated Weekly Report, I am sending you a Special Report discussing the signals being sent from recent movements in commodity prices. Best regards, Peter Berezin, Chief Global Strategist Feature…

Highlights The political theater in Washington has caused the last inning of the dollar correction to materialize. The U.S. economy remains at full employment, growth will stay above trend, and the Fed will be capable of hiking rates…

Special Report

Highlights Venezuela's economic implosion accelerated with the oil price crash. The petrodollar collapse is suffocating consumption as well as oilfield investment, creating a "death spiral" of falling production. The…

Special Report

Highlights Impeachment is a political, not legal, process; The House of Representatives decides what is impeachable; The Senate is judge, jury, and executioner; Democrats will impeach Trump if they take the House in 2018;…

Highlights The risk asset friendly outcomes in the French and South Korean elections are the latest examples of fading geopolitical risk, and we expect that to continue over the remainder of 2017. Although it has been well over a year…

Highlights ECB policy is set to become less dovish relative to other central banks. Stay long the euro; stay underweight German bunds within a global bond portfolio; and overweight euro area Financials within a global Financials…

Highlights Macron has won in France; Economic reforms are forthcoming; Euroskeptic parties are moving to the center; Yet Italy remains a real risk; Stick to long French industrials versus German; stay long EUR/USD for now.…

Highlights The headwinds against commodity currencies are still brewing, the selloff is not over. Global liquidity conditions are deteriorating and EM growth will disappoint. The valuation cushion in commodity currencies and EM plays…

Highlights Chart 1European Policy Uncertainty Down  Macron remains on target to win the French election, but Italy looms as a risk ahead; Fade any relief rally after South Korean elections; Russia is not a major source of…