Commodities

In this Special Report we argue that the worst of gold's downturn is likely behind us. Real rates and the dollar — which have reasserted themselves as gold's primary drivers — are set to shift from headwinds to tailwinds for the metal.

Goldilocks, with fault lines underneath. Our first joint FICC outlook lays out where growth, inflation, and policy are headed this quarter and where the calm could crack.

The equity bull market is getting long in the tooth. Bonds should perform well once economic growth begins to slow. The dollar will strengthen over the coming months before resuming its downtrend. While crude has likely found a near-term floor, we favor metals over energy in the long run.

Section I maps how the broad distribution of wealth gains is supporting US consumption. Section II examines how countries can meet swelling electricity demand. The winners will find paths to build the infrastructure needed to power the high-tech future.

China holds a structural advantage in this "Age of Electricity" by operating the world's largest electricity system. However, this advantage has inherent limits, and the US remains competitive despite its challenges.

In this screener report, we explore opportunities in Japanese Non-TMT equities, El Niño hedges, and US consumer-facing equities.