Special Report

US services spending collapsed during the COVID-19 pandemic, and remains significantly below the level that would have prevailed had the pandemic not occurred. This raises the question of whether services consumption will ever return to…

Special Report

Executive Summary Compared to output, income and net worth, aggregate consumer indebtedness is at the low end of its twenty-first century range. Modest indebtedness and low interest rates have made it easy for households to service…

Executive Summary Financial markets have buckled under the weight of 40-year highs in inflation that have forced the Fed and other major central banks to promise no quarter in their fight against inflation, spooking investors with…

In this Strategy Outlook, we present the major investment themes and views we see playing out for the rest of the year and beyond.

Executive Summary Depressing Housing Market And Service Sector Activity  May’s economic data ticked up from extremely depressed levels in April, driven by a normalization in the supply chain and a resumption in…

Special Report

Executive Summary High food and fertilizer prices are at risk of morphing into a full-blown food crisis in several developing countries. Some countries were plagued by severe food insecurity even before the Ukraine war broke out.…

Executive Summary Though the BCA House View has downgraded global equities to neutral, US Investment Strategy still recommends overweighting equities in US multi-asset portfolios over the coming twelve months. We believe that…

Dear Client, In lieu of our weekly report next week, I will be hosting two webcasts with my colleague Arthur Budaghyan, Chief Emerging Market Strategist: Time To Buy EM/China? June 23, 2022 9:00 AM EDT (2:00 PM BST, 3:00 PM CEST)…

Special Report

Executive Summary Autocracy Hurts Productivity  Over the next six-to-18 months, the Xi Jinping administration will “let 100 flowers bloom” – i.e., relax a range of government policies to secure China’…