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Markets are misreading Japan’s fiscal headlines. Our latest Insight examines what will shape BoJ policy next, when intervention might come, and the timing of a yen reversal.

The September employment report probably won’t convince enough hawks to vote for a rate cut in December.

Special Report

This Special Report outlines the Fed’s balance sheet strategy and the rationale behind it. We also provide updated projections for the major asset and liability line items on the Fed’s balance sheet.

Should investors chase the copper rally or use the latest bout of strength as an opportunity to sell? We warn that weakening Chinese demand and shrinking global manufacturing will weigh on the metal’s price over a cyclical timeframe.

Special Report

The trade war hit Canada’s economy hard, but the worst is over. In our latest update on Canada, we assess the aftermath of the trade shock, the new budget, and the effects of BoC easing. We outline what this means for duration, the Loonie, and Canadian stocks heading into 2026.

Our Portfolio Allocation Summary for November 2025.

The dollar rebound has paused, but not yet peaked. With near-term momentum still intact, we see room for further upside before structural headwinds reassert, favoring selling into strength.

The Bank of England will resume rate cuts in December after the autumn budget is passed. Today’s Strategy Insight discusses what this means for UK gilts and the pound.

Markets are increasingly pricing an end to the global easing cycle, with many central banks expected to remain on hold. But uncertainty remains high, and policy surprises are likely going into 2026. This Strategy Report breaks down the current drivers behind G10 central bank policies, and how to position for the next moves across FX and fixed income.

The Fed cut rates today, but a follow-up rate cut in December is uncertain. It will depend, in large part, on who wins a debate about the neutral rate of interest.