FICC
One macro framework for rates, FX, credit, and commodities, helping investors connect cross-market signals and position with clarity and conviction.
From Treasurys to tokenization, stablecoins are quietly becoming one of the most disruptive forces in global finance, with the power to compress yields, deepen dollar penetration, and shift the balance within crypto markets. Explore BCA’s latest insights on their growing impact.
The ECB stood pat today, yet the policy path remains fraught with uncertainty as domestic resilience collides with global headwinds. This dichotomy continues to hold important implications for European assets over the coming months.
High US inflation is being driven by tariffs, not domestic inflationary pressure. This argues for Fed easing and a bull-steepening of the Treasury curve.
USD-denominated Emerging Market bonds have been outperforming US corporates for the past year. We don’t think the rally is exhausted yet.
Silver, platinum, and palladium may ride the same cyclical tailwinds as gold in the coming months. However, four key risks threaten their relative performance versus the yellow metal.
A fleeting greenback rally post Fed rate cut will offer a final chance to reset short dollar exposures. See why undervalued Asian FX are poised to lead the next leg lower in USD and how to position now.
The European Central Bank has achieved a soft landing. Inflation is back to target, with well-anchored inflation expectations. The unemployment rate is historically low, and real economic growth is stable, albeit weak. Given that little to no additional easing will come from the ECB, investors should underweight government bonds relative to equities.
The August employment report showed a modest increase in labor market slack, enough to cement a 25-basis-point rate cut this month.
