The Fed’s Beige Book compiles qualitative input sourced from business and other organizational contacts in each of its 12 Districts. It precedes FOMC meetings by a couple of weeks and is meant to help participants trace the…
Many currencies have registered sizable gains against the US dollar over the last two months. Most notably, the yen has been one of the best G7 performers since the greenback began depreciating. It now trades at 143 against the…
According to BCA Research’s Emerging Markets Strategy Service, China has been accumulating high-value memory semiconductors in anticipation of further US restrictions. Since October 2022, the US has been tightening rules…
US job openings declined from a downwardly revised 7.91 million to 7.67 million in July, the lowest level since 2021 and well short of expectations of 8.1 million. The downward revision indicates that labor demand actually…
In a widely expected move, the Bank of Canada (BoC) cut interest rates by a quarter of a percentage point for a third consecutive month in September, lowering the benchmark overnight rate to 4.25%. Policymakers also signaled…
According to BCA Research’s GeoMacro Strategy service, there are two main pressure points that the US can utilize against China. First, the US consumer market is the largest in the world. Despite having diversified away…
The 2Y/10Y segment of the yield curve is flirting with un-inversion. Aggressive rate cut expectations have largely driven its steepening, with the 2-year Treasury yields falling nearly 100 bps over the past couple of months.…
Significantly stronger-than-expected consumer spending growth led to an upward revision to US GDP growth in Q2. That said, gross domestic income (GDI) has been lagging behind GDP. It increased 1.3% q/q in Q2, at the same rate as…
According to BCA Research’s European Investment Strategy service, an increase in borrowing costs will further weaken vulnerable corporate balance sheets. As suggested by their Corporate Health Monitors (CHMs), the health of…