Executive Summary The Dollar Has Broken Above Overhead Resistance Most central banks continue to dial up their hawkish rhetoric, led by the Fed. This is putting upward pressure on the dollar (Feature Chart). The big…
Minutes from the ECB’s March 9-10 meeting reveal that members of the Governing Council are split over the appropriate path for policy. At the core of this split lie different assessments of risks relating to inflation…
Executive Summary Natgas Price Surge Boosts Hydrogen's Prospects Russia's invasion of Ukraine and the surge in EU natural gas prices it provoked will accelerate investment in clean-hydrogen technology, which uses…
Executive Summary Our recommended model bond portfolio outperformed its custom index by a robust +48bps in Q1/2022 – an impressive performance given the significant uncertainties stemming from the Ukraine war, surging commodity…
The April Sentix Economic Index sent a negative signal about investor morale. The overall index for the Eurozone collapsed 11 points to -18 – the lowest since July 2020 and a negative surprise to expectations of -9.4. The…
Executive Summary Equities Are Still Attractive Versus Bonds Macroeconomic Outlook: Global growth will reaccelerate in the second half of this year provided a ceasefire in Ukraine is reached. Inflation will temporarily come…
Eurozone CPI inflation surged from 5.9% y/y in February to a record high of 7.5% y/y in March and beat expectations of a 6.7% y/y increase. Soaring headline inflation came on the back of a massive 44.7% increase in energy prices…
Executive Summary The Dollar And The Yield Curve The dollar has tended to decline 3-to-6 months after the Fed starts hiking interest rates. This has been true since the mid-1990s. Beyond that timeframe, the path of the…
Executive Summary Europe Is Russia's Key Gas Customer Full-on rationing of natural gas by Germany took a step closer to reality, as the standoff with Russia over its insistence on being paid in roubles for gas plays out.…