We have witnessed central banks implement, reduce and exit quantitative easing (QE) programs to..

Macro Strategies, Sovereign Research, Central Banks

Uneven COVID-19 vaccination rates around the globe have led to diverging growth expectations for..

Macro Strategies, Market Outlook

Real rates in the United States have moved sharply higher since the beginning of 2021. The move has..

Macro Strategies, Sovereign Research, Emerging Markets

The market seems sensitive currently to news about inflation and growth. We are entering a period..

Macro Strategies, The Fed, Reflation

Rising yields and a steeper yield curve are par for the course as an economy enters the recovery..

Macro Strategies, Fixed Income, The Fed, Recovery, Reflation

Congress has moved fast on a fiscal stimulus package. This surprised me in some ways. In my last..

Macro Strategies