The latest edition of our Big Bank Beige Book suggests the expansion remains intact, though weakness in C’s private-label credit card portfolio could be a harbinger of distress among lower-income consumers. We remain tactically…
The Tokyo inflation release for April came in on the soft side on Friday, with every single metric coming in below expectations. Tokyo headline inflation declined from 2.6% y/y to 1.8% y/y, versus expectations of a much more…
The Canadian dollar typically has two main drivers: interest rate differentials and commodity prices, especially oil prices. However, the relationship between the CAD and oil has broken down recently. As our FX strategists have…
According to BCA Research’s Global Fixed Income Strategy service, a hard landing is the only way to solve the UK inflation problem. Sticky inflation and lingering inflation pressures have made the BoE’s job much…
Our latest views on the recent increase in Treasury yields and some key things to watch at next week’s FOMC meeting.
The advanced estimates for US real GDP suggest that economic growth slowed meaningfully from 3.4% in Q4 2023 to 1.6% in Q1 2024 on an annualized basis, significantly below expectations of 2.5%. That said, the details of the…
Throughout this cycle, US housing has defied expectations. Overall home prices have never fallen since the pandemic, even as the Fed has conducted its second most aggressive tightening campaign in history. Today, home price…
Tuesday’s Australian inflation release came in hotter than anticipated. Quarter-on-quarter headline inflation increased from 0.6% in Q4 2023 to 1% in the first quarter of this year, above expectations of 0.8%. Although…
Results of Germany’s IFO business climate survey for April sent a positive message on Tuesday. The overall Business Climate Index increased from 87.9 to 89.4, beating expectations of 88.9. Assessments of both the current…