Market Bulletins

Exercising patience amid two-sided risks

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

Higher for longer amid a soft-landing scenario

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

Another hike despite falling inflation

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

Mid-Year Review | 2023

Learn more about our latest outlook on the global economy and policy, and the implications for investors in the next 6-12 months.

A pivot-al decision

In a highly anticipated policy decision, the Federal Open Market Committee (FOMC) voted to raise the Federal funds rate by 0.25% to a target range of 5.00%-5.25%, the highest level since June 2006.

Banking turmoil does little to shift Fed’s focus from the inflation war

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

SVB and the Fed: Braking Point not Breaking Point

This paper summarizes the failure of Silicon Valley Bank and the implications on Fed policy and investments. (3-min read)

Climate adaptation: Adapting to a warmer planet

With global warming on the rise, it is important for investors to know about adapting to climate impacts. Learn more about climate adaptation and investing.

Dovish undertones with more tightening to come

This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)

The Fed remains determined to fight inflation

The Federal Open Market Committee (FOMC) voted unanimously to raise the Federal funds rate target range by 0.50% to 4.25%-4.50%. (3-min read)

Russia-Ukraine Chart Pack

The Russia-Ukraine Chart Pack aims to help investors understand the investment implications of the current situation in Russia and Ukraine holistically and why it is important to stay invested

Cyclical tailwinds vs. secular headwinds in Asia ex-Japan equities

This paper, written by Dr. Jasslyn Yeo, explains why cyclical tailwinds support a positive stance for Asia ex-Japan equities this year, and why persisting secular headwinds mean that the investment case for Asia ex-Japan growth stocks remains strong.

China’s path to policy normalization

This paper, written by Chaoping Zhu, discusses the potential path for China’s policy normalization after the country’s economy recovered from COVID-19.

What are the implications of the Brexit deal for the economy and markets?

It is hard to remember a time when Brexit was not dominating British headlines, but at the midnight hour, UK and EU negotiators finally reached agreement on a new trade deal. This piece addresses the key questions surrounding the deal: what is covered, how does it impact the outlook for the UK economy, and what are the market implications?

Northeast and Southeast Asia paving the way to prosperity

This paper, written by Ian Hui and Alex Cheung, analyzes the recovery of various Asian economies from the COVID-19 pandemic and discusses the near-term and longer-term regional outlook.

RBA: Opening the taps

This paper, written by Kerry Craig, highlights the latest announcement from the Reserve Bank of Australia and its investment implications.

Rebalancing for high-quality growth: What to expect from China’s new five-year plan

This paper, written by Chaoping Zhu, gives our prospects about China’s upcoming 14th five-year plan. To be approved in October and implemented during 2021 to 2025, this plan will have profound impacts to Chinese economy and financial market.

A commitment to easy money

This paper, written by David Kelly, addresses the FOMC's September meeting announcement.

UK monetary and fiscal stimulus – Unprecedented shock, unprecedented response

This paper, written by Karen Ward, highlights the recent rate cut by the Bank of England and its investment implications.

The investment implications of COVID-19: March 17 update

This paper written by Dr. David Kelly updates the latest on the coronavirus impact to global markets.

The investment implications of COVID-19

This paper, written by David Kelly, provides an update on the investment implications of COVID-19.

The COVID-19 Relief Bill-Holding the Economy in Suspended Animation

This paper, written by Dr. David Kelly, reviews the U.S> relief bill and its investment implications.

A COVID-driven spike in claims

This paper, written by David Lebovitz and Meera Pandit, reviews the surge in U.S. initial claims for unemployment and its investment implications.

What is the Fed doing and what does it mean for fixed income?

This paper, written by David Lebovitz, Alex Dryden, and Jack Manley, reviews the latest U.S. Fed increased liquidity actions and its investment implications.

Chinese GDP in Recession amid Virus Outbreak

This paper, written by Chaoping Zhu, discussed the performance and outlook of Chinese economy, policies amid the global pandemic and implication for investors.

1Q20 earnings: Virus oddity

This paper, written by David Lebovitz and Tyler Voigt, reviews the 1Q 2020 U.S. earnings results and the significant volatility that has taken place.

The Great Glut: A historic supply and demand shock in the oil market

This paper, written by Tillman Galler and Kerry Craig, discusses the latest movements in the oil markets amid the global pandemic and implication for investors.

Monetary Medicine until the Patient is on the Mend

This paper addresses the FOMC's April meeting announcement.

The Fed’s balance sheet: To infinity and beyond

To frame the balance sheet discussion, we consider the impact to real GDP, employment and inflation under each recovery scenario.

Enhance yields with Chinese bonds in the zero interest rate era

This paper, written by Ian Hui and Chaoping Zhu, looks at the attractiveness of the Chinese bond market in the current global environment.

China’s 2Q GDP and June economic data improve on post-COVID rebound

This paper, written by Marcella Chow and Chaoping Zhu, discusses the rebound in Chinese economic activity and its implications for investors.

Introducing our Asia COVID-19 tracker

This paper, written by Ian Hui and Alex Yeo, provides a framework for comparing the policy responses and risks faced by Asian economies from the pandemic.

The European Central Bank levels up its stimulus efforts

Today’s actions from the European Central Bank (ECB) were at the upper end of market expectations.

The European Central Bank aims to ‘thread the needle’

This paper, written by Jai Malhi, examines the European Central Bank meeting outcome and its investment implications.

From COVID to QE

This paper, written by Kerry Craig, examines the investment implications from the latest rates cut announcement by the Reserve Bank of Australia in March and COVID-19 outbreak.

Cash: it’s what you do with it that matters

This paper, written by David Lebovitz and Tyler Voigt, highlights the short-term and long-term uses of corporate cash investors could take advantage of within their portfolios.

The Demographic Challenge to Above 2% Growth

This paper, written by Dr. David Kelly and Meera Pandit, analyzes the current U.S. economic growth with its factors and investment implications.

Strongly neutral

This paper, written by Dr. David Kelly, addresses the FOMC’s December meeting announcement.

Changing of Lagarde, but toolkit challenges remain

This paper, written by Jai Malhi, examines the European Central Bank meeting outcome and its investment implications.

Taking stock of inventories

This paper, written by David Lebovitz and Meera Pandit, discusses the contribution of change in private inventories to GDP and its investment implications.

4Q19 Earnings: Lots of moving parts

This paper, written by David M. Lebovitz and Tyler J. Voigt, reviews 4Q19 U.S. earnings with performance of various sectors and its investment implications.

The Investment Implications of the 2020 Election

This paper, written by Dr. David Kelly, Hannah Anderson and Meera Pandit, addresses the upcoming U.S. election and its investment implications.

Chinese bonds go global

In the fourth installment of our Chinese fixed income series, written by Hannah Anderson and Vincent Juvyns, we ask just how global have Chinese bonds gone? We examine their weight in international portfolios, market accessibility and usage of the Chinese renminbi, and how each of these factors are likely to change as Chinese bonds enter international bond benchmarks.

What is in the Chinese fixed income universe?

In our second installment of our Chinese fixed income series, written by Hannah Anderson and Vincent Juvyns, we discuss the different markets that make up the Chinese fixed income universe and highlight the differences

A Guide to the Chinese Fixed Income Markets

This paper, written by Hannah Anderson and Vincent Juvyns, kicks off our series on the Chinese fixed income markets. We highlight ten considerations for international investors in the Chinese bond markets.

Does the yield curve inversion signal trouble ahead?

This paper, written by John Manley, examines recent yield curve inversion and its investment implications.

China’s economy and policies: A mid-year review

This paper, written by Chaoping Zhu, provides a mid-year review on the Chinese economy and policies.

Fed rate cut: What does it mean for investors?

This paper, written by Alex Dryden and Jordan Jackson, addresses the latest U.S. Federal Reserve’s rate cut decision and its investment implications.

2Q19 Earnings bulletin: Threading the needle

This paper, written by David M. Lebovitz and Tyler J. Voigt, reviews 2Q19 U.S. earnings with performance of various sectors and its investment implications.

Yield curve inversion: Understanding the fire alarm

This paper, written by Alex Dryden, examines the current yield curve and its investment implication.

Two for two

This update, written by Kerry Craig, summarizes the second successive rate cut and why the impact to the market was so muted.

Domestic demand: Silver lining amid the cloudy Asian trade outlook

This paper, written by Marcella Chow and Marcus Yiu, evaluates the current trade outlook and analyzes our newly constructed 'domestic' vs. 'export-oriented' indices with investment implication.

Lots of talk about tariffs

This paper, written by Gabriela Santos, David Lebovitz and Alex Dryden, evaluates the current trade uncertainty with outlook on the U.S. Federal Reserve’s direction and its investment implication.

Why invest in alternative assets

For long term investors able to forego some liquidity, a strategic allocation to alternative assets could help to improve the overall risk/return profile of their portfolio

European Parliament elections: The populist risk remains contained

This paper, written by Vincent Juvyns, highlights the result of European Parliament elections and its investment implications.

Brexit: New UK prime minister, same challenges

This paper, written by Karen Ward, addresses the current resignation of UK prime minister Theresa May and its investment implication.

Rushing towards easy

This publication, written by Kerry Craig, highlights the Reserve Bank of Australia’s May meeting minutes with outlook of rate announcement in June.

Drifting towards easy

The update, written by Kerry Craig, provides details on the RBA rate decision, and what to expect going forward.

Characteristics of Chinese bonds

In the third installment of our Chinese fixed income series, written by Hannah Anderson and Vincent Juvyns, we explore the investment characteristics of Chinese onshore bonds and discuss where, and if, they belong in a portfolio.

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