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United States

US Banks Continue To Tighten The Screws
The Fed’s latest Senior Loan Officer Opinion Survey (SLOOS), which reports on both the demand for and supply of bank loans, revealed that demand weakened and standards tightened in Q4 2022. In particular, 45% of all banks reported that they “tightened…
Daily Insights
A Significant Road Ahead
Powell’s much anticipated comments to the Economic Club of Washington on Tuesday did not signal a shift in the Fed’s outlook following Friday’s unexpectedly strong jobs report. Instead, in his first appearance since last week’s 25bp rate hike, he highlighted…
Daily Insights
US Stocks: Sentiment Still Relatively Downbeat
The S&P 500 is up by 14.9% since its October 2022 low. It surged 7.1% this year alone. The quick snapback after entering a bear market last year raises the question about the sustainability of the rally in US stocks. In terms of technical measures,…
Daily Insights
Are Easing Financial Conditions Good Or Bad?
US financial conditions have been easing since mid-October and are now back in accommodative territory. The equity rally, weakening dollar, lower bond yields and tighter credit spreads have all contributed to looser financial conditions in the US…
Daily Insights
Why Did Small Soar?
BCA Research’s US Equity Strategy service upgraded small because many risks weighing on this asset class have receded. However, this is a tactical allocation and they are still cautious about overweighing US equities on a strategic basis. Small has…
Daily Insights
It’s Not Always What They Say, But How They Say It

The Fed’s actions at its meeting last Wednesday were no surprise – downshifting to 25 basis points while guiding for more hikes was widely expected – but Chair Powell’s newly conciliatory tone at the press conference helped to spark a two-day equity rally. We remain overweight equities, expecting the S&P 500 to rally into the mid-4,000s at some point in the first half.

US Investment Strategy by Doug Peta
Better Than It Seemed

This week we present our Portfolio Allocation Summary for February 2023.

US Bond Strategy by Ryan Swift
Is Good News Bad News (Again)?
The US Jobs report delivered good news about labor market conditions in January. The 517 thousand surge in nonfarm payrolls was nearly triple the anticipated 188 thousand gain and the largest monthly increase since July 2022. Increases in leisure &…
Daily Insights
Month In Review: Three Major Central Banks Jawbone The Dollar

This week, we articulate what the actions of the three major central banks that met (Fed, ECB and BoE) mean for currency markets. This is within the context of our analysis of the latest data releases in the G10, that allows us to calibrate currency strategy.

Foreign Exchange Strategy by Chester Ntonifor
Taking Stock After A Wild Couple Of Days

Financial markets were taken on a wild ride between Wednesday and Friday of this week, with hugely important monetary policy meetings in the US, euro area and UK along with a rash of economic data. Despite all the news, noise and market volatility, the underlying message for monetary policy and bond yields in the US, euro area and UK is unchanged.

Global Fixed Income Strategy

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