Executive Summary The Fed has sought to convince one and all of its commitment to overcome high inflation and asset markets have taken heed, tightening financial conditions at a breakneck pace. As we write, the S&P 500 is down 23…
Executive Summary Structural Tailwinds For The Franc Volatility in FX markets is likely to remain elevated, as witnessed by the reaction of a full circle of central bank meetings this week.Policy convergence remains a good bet for…
Executive Summary Was FAANGM A Bubble? US inflation has become broad-based, and the labor market is very tight. Wages are a lagging variable, and they will be rising rapidly in the coming months, even as the economy slows…
Executive Summary Economic growth is now a casualty, and not a driver, of monetary policy choices. Inflation is dictating where central banks are taking interest rates. Our baseline view remains that core US inflation will…
Executive Summary The recent pullback was all about a multiples contraction while strong earnings growth helped absorb the blow. With the multiple contraction phase complete, the S&P 500 performance is now all about earnings.…
Executive Summary Hiring is slowing and layoffs have begun to rise, but today's robust net increases in non-farm payrolls are inconsistent with an approaching recession. The demise of the American consumer has been greatly…
Listen to a short summary of this report. Executive Summary Sentiment On Sterling Is Depressed The pound will suffer in the short term, setting the stage for a coiled-spring rebound. Cable is extremely…
Executive Summary Equities Are Closer To Capitulation The market appears to be moving away from concerns about inflation toward worries about slowing growth. The initial stage of the sell-off in risky assets, pricing in…