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Are We Seeing Reflation?

Oct 15, 2024

9:40 am

• The urgency for US Fed fund rate cuts dissipates. • US growth and inflation data continue to surprise to the upside modestly. • The Chinese authorities tell a good story about providing support for their economy. • Should China follow through on its reflation initiatives, we expect global stock market leadership to shift to…

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No One-Way Bet

Oct 8, 2024

10:51 am

It all looked too easy: a US soft landing, lower inflation, and a compliant-with-market-wishes Fed that was seemingly prepared to deliver to the market further 50bps rate cuts. It was easy money for investors, and bonds and equities rallied. A couple of US data points later, we still have good growth, but nascent inflation worries,…

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Q3 Macro and Markets Review

Oct 5, 2024

6:51 am

It happened – US fed funds rates finally peaked. The Fed’s sprung a small surprise and cut interest rates by 50bps against a marginal majority view that the fed would only cut rates by 25bps. The accompanying statement and dot plot showed that the market was right to anticipate further consistent cuts from future Fed…

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A World of Sharp Contrasts

Oct 1, 2024

3:00 pm

• Weak US consumer confidence data brings calls for a further 50bps Fed rate cut • China reverses prudent policies and unleashes huge stimulus – equites may have further to rally • European equities struggle with policy paralysis, but are cheap • Indian equities are expensive by historical standards, but the country continues to innovate…

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