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The Great Risk of 2026 – The Fed

Dec 16, 2025

1:44 pm

• A three way split at the Fed does not bode well for next year • Dot plot looks like a Christmas tree • Lack of building consensus and politicisation does not help • The middle path suggest more rate cuts next year – for political reason that may be right…. but it doesnt mean…

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Investment Strategy

Dec 12, 2025

9:51 am

• A benign inflation environment provided the RBI room to cut rates in the December policy meeting. • With supportive policy, India’s economic activity and corporate earnings should improve in the coming quarters. • We remain neutral on Indian equities as earnings have stabilised and valuations have partly moderated. • The U.S. job market is…

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The Bond Markets Get Real

Dec 9, 2025

12:00 am

The sharp rise in US and Japanese bond yields last week is another sign of tougher times ahead for bond markets. The week saw US 10-year treasury yields surge 12 basis points (bps) to 4.14%, the highest since April. In Japan, the two-year yields rose above 1.0%, a level not seen since 2008. Our short…

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Macro and Markets Review for November 2025

Dec 3, 2025

9:37 am

November felt like a pause for breath rather than a turning point. Global equities eked out a 0.3% gain, leaving year-to-date returns at a robust 20.1%, but the intra-month story was a nervous drawdown as investors flirted with the idea that the Fed might skip a December cut before swinging back to pricing one move….

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