Money/Credit/Debt

Executive Summary The Ukraine war reinforces our key view that commodity producers will use their geopolitical leverage this year. The market is growing complacent again about Russian risks. Iran is part of the same dynamic. If US-Iran talks fail, as we…

Executive Summary The Good: There are compelling reasons to believe the Ukraine war will not break out into a broader NATO-Russia war, i.e. World War III. The Bad: The 1945 peace settlement is breaking down and the world is fundamentally less stable.…

Executive Summary The Market Has Priced An Aggressive Path For US Rate Hikes The Market Has Priced An Aggressive Path For US Rate Hikes…

Executive Summary Major EM’s Defense Spends Will Be Comparable To That Of Developed Countries Beware EMs That Borrow Too Much Or Wage War…

Dear client, This week we are sending you a joint Special Report with my colleague Chester Ntonifor, Foreign Exchange Strategist. The Special Report provides our outlook on the RMB. I trust that you will find the report very insightful. Best regards, Jing…

Executive Summary The RMB And Real Interest Rates The RMB And Real Interest Rates…

Executive Summary The RMB And Real Interest Rates The RMB And Real Interest Rates…

Executive Summary No Contagion Yet No Contagion Yet…

Highlights The buildup of excessive household debt in Canada over the past two decades has occurred because of outsized demand for housing, not because of the impact of constrained housing supply on house prices. Outsized demand for housing has occurred…

Executive Summary From Nixon-Mao To Putin-Xi From Nixon-Mao To Putin-Xi…