FICC

With FX volatility near cycle lows, this Insight examines where positioning has become most stretched across G10, EM FX, and precious metals – and what that implies for near-term moves and reversal risks.

Our Portfolio Allocation Summary for January 2026.

From steepening to flattening. As the BoJ continues to tighten in 2026, we show why curve flatteners are finally the right trade.

The forces that have recently propelled aluminum prices will remain supportive over the near term. However, beyond the coming months, aluminum prices will retreat as bearish cyclical pressures overwhelm over the course of 2026.

Special Report

Our outlook for Fed policy in 2026.

Special Report

The dollar enters 2026 on the edge of a structural decline. Our FX Key Views report maps the valuation, flow, and policy pressures that could finally trigger a sustained downtrend – and where the trade opportunities lie.

Special Report

Every year, the Global Asset Allocation team compiles a list of our favorite books, essays, and articles from our strategists ahead of the holiday season. This year, we focus on writings by practitioners in the world of finance, business, and beyond. While diverse in their backgrounds, one theme stands out: Adaptation.

Employment Data Point To Dovish Policy Surprises In 2026

The SNB remains on hold, but the bar for further easing is falling quickly – even as Switzerland secures a breakthrough trade deal with the US. With CHF now pressing against a policy ceiling, the franc looks increasingly attractive as a funding currency.

Special Report

Risk assets in EM/China and cyclical commodities will sell off in H1 2026. A shift toward aggressive policy stimulus in China and a clear improvement in global manufacturing are needed to produce durable rallies in EM/China risk assets and the prices of energy and industrial metals.