Tariff Complacency?

May 7, 2025

9:17 am

• COVID provides a good template for discerning market reaction to trouble on the horizon • A true market reaction will likely have to wait for hard economic data • The fall in oil prices provides some good news • Fed still some meetings from cutting rates • We retain our preference for ex-US equity…

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Macro and Markets Review for April 2025

May 2, 2025

10:01 am

The world may have fundamentally shifted following President Trump’s declaration on Freedom Day in early April, marking a pivotal moment in the global economic landscape. With the U.S. taking a more insular approach, globalization appears to be heading into reverse. The reverberations of this policy shift are already being felt across international trade, investment flows, and…

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A World Trying to be Patient

Apr 28, 2025

8:40 am

• Still a paucity of economic data to define the impact of tariffs • Q1 data has tuned out to be stronger than expected in some quarters- something that could have been built on • Survey data shows a decline in confidence that appears to growing • Relatively we prefer european assets over the US…

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Here Comes the Data

Apr 23, 2025

6:02 am

• Economic surveys and data points will provide greater clarity to the state of the global economy • A new set of IMF forecasts will provide some guidance to the downside to growth and upside to inflation • Trump’s attack on Fed chair Powell does not bode well for long-term bond yields – real yields…

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