FICC

Special Report

This Special Report argues that rate cuts will come sooner in Canada than the US and offers how investors can profit from this.

Special Report

Varying degrees of exposure to certain economic sectors and regions can help explain differences in performance across commodities. This report uncovers some of these differences. In doing so, it presents our framework for analyzing commodities from a business cycle perspective.

Our updated views on Treasury yields and Fed policy following this morning’s CPI report.

German Bunds have cheapened considerably, and the ECB is about to start cutting rates. Does this combination guarantee immediate profits from buying these bonds?

In this report, we review our trade recommendations based on incoming data in the last month.

An update to our views on UK rates and currency following today’s Bank of England meeting.

Our Portfolio Allocation Summary for May 2024.

Some thoughts on this morning’s employment report and recent trends in US economic data.

The no landing scenario has been gaining traction as the dominant driver of financial markets, providing a tailwind to commodities via increased demand for inflation hedges. Unless commodity markets experience a major supply shock, a narrative shift in favor of the hard landing scenario would create a headwind for commodities. A decisive top in the equity market would provide an early warning for commodity investors.

Updated views on US Treasury yields and the dollar following today’s FOMC meeting.