Our Emerging Market strategists published a follow-up piece to their Bessenomics note where they assess the new Treasury Secretary plan’s impact on markets. Lower interest rates are central to Bessenomics. The Trump…
Our Chart Of The Week comes from Melanie Kermadjian, from our Global Investment Strategy team. The S&P 500 has been in a bull market for nearly five years and is currently up 2.5% YTD. A lot has been thrown at the US…
The preliminary February University of Michigan Consumer Sentiment Index missed estimates, falling to 67.8 from 71.1 in January. The decrease came from both expectations and the assessment of current conditions. Measures of 1-year…
The January US jobs report was solid, reflecting a healthy labor market. Payrolls rose by less than expected at 143k, down from an upwardly-revised 307k in December, leaving the 3-month moving average at 237k. The unemployment rate…
Europe is about to become President Trump’s next target. The good news: a US/EU trade war will be short as common ground to achieve a deal exists. The bad news: European assets remain at the mercy of heightened uncertainty. How…
Some thoughts on this morning's employment data and Treasury Secretary Bessent's recent attempts to talk down the 10-year Treasury yield.
Our Private Markets & Alternatives strategists published their 2025 capital market assumptions (CMAs). The 2025 edition features several enhancements such as deal-level projections, refined methodologies, and expanded coverage.…
Preliminary nonfarm labor productivity for Q4 came in line with estimates, decreasing to 1.2% annualized growth from an upwardly-revised 2.3%. Unit labor costs growth was lower than expected, but still jumped to 3.0% from a…
The Bank of England cut its policy rate by 25 bps to 4.5%, with two members of the MPC voting to cut 50 bps instead. The BoE acknowledged “substantial progress on disinflation”, driven by a tight policy stance and stabilized…
Treasury Secretary Scott Bessent commented that one of the Trump administration’s priority was lowering 10-year bond yields. Bessent’s 3/3/3 plan, boosting growth to 3% from deregulation, increasing US oil production by 3 mmb/d, and…