Cross-asset strategy: This week’s Fed reiteration that it won’t hike for about three years despite extraordinary fiscal stimulus is extending the repricing of risk premia across financial markets. For us, the direction of risk premia is unambiguously higher in Bonds (high breakevens, steeper curves), but lower in Equities, HY Credit and Commodities (less earnings, default and inventory risk) and…
Through the first 4 days of the trading week, the S&P 500 (SPX) managed to gain 10 points; that’s...
2020 Mid-Year Outlook for Economies and Markets as the World Re-opens Summary and Replay of 2020 Mid-Year Outlook Virtual...
Remember that valuation is only expensive relative to history, and irrespective of the future! If I might introduce you...
Equity Risk Premium holds key inputs/ingredients After major market sell-offs, it becomes increasingly difficult to achieve lower-lows. They are...
“The speculator fights his own good sense, struggles against his own will … and is at odds with his...
If there is 1 thing I’ve learned from the markets over my 23 years, it’s that down is going...
“While so many worry about trying to grab a few pennies in front of a steamroller… We could be...
Macro Strategy—Time to End Quantitative Tightening Fast Approaching: Quantitative tightening (QT) has reached its limits in the regional banking...
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