2025 Investment Outlook for U.S. Global Liquidity Investors
U.S. Global Liquidity investors can anticipate continued real yields across the entire global liquidity product lineup in 2025
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JPMorgan recognises the importance of the personal information we hold about individuals and the trust they place in us.
By explaining our Privacy Policy to you, we hope that you will better understand how we keep personal information private and secure while using it to provide services and products.
This Privacy Policy applies to the Australian operations of the JPMorgan group unless specifically stated otherwise. For these purposes the JPMorgan group includes JPMorgan Chase Bank ABN 43 074 112 011 and any of its branches, affiliates, subsidiaries, shareholders or such shareholders' subsidiaries, as applicable, and shall include any successors including, without limitation, an assignee or successor or any affiliate or subsidiary of such entity or any person who, under the laws of the jurisdiction of incorporation or domicile, has assumed the rights and obligations of JPMorgan Chase Bank, National Association, or any of its branches, affiliates, subsidiaries, shareholders or such shareholders' subsidiaries or to which under such laws the same have been transferred. In this Policy, the members of this group are individually and collectively referred to as "JPMorgan", "we" or "us".
We are committed to safeguarding your personal information in accordance with the requirements of the Australian Privacy Principles of the Privacy Act 1988.
In general, we will not use or disclose such information collected about you otherwise than for the purposes set out in this Policy, for a purpose you would reasonably expect, a purpose required or permitted by law, or a purpose otherwise disclosed to, or authorised by you.
We may, in connection with particular services we offer or provide to you, make other privacy disclosures to you or seek your authority to use your personal information in ways which are different from or more specific than those stated in this Privacy Policy. In the event of any inconsistency between the provisions of this Privacy Policy and those additional materials, the provisions of the additional materials will prevail.
Personal Information is information or an opinion about an identified individual, or an individual who is reasonably identifiable:
- whether the information or opinion is true or not; and
- whether the information or opinion is recorded in a material form or not.
The kind of Personal Information we may collect about you generally includes:
- name;
- address;
- date of birth;
- gender;
- nationality;
- residency status;
- telephone number;
- e-mail address;
- financial information;
- tax file number;
- employment history;
- education history;
- information contained in identity document, such as a passport number and drivers licence number; and
- information necessary to make or receive payments to or from you or necessary to effect security transactions on your behalf.
In certain circumstances, we may also collect Personal Information which is sensitive. This may include information about your:
- racial or ethnic origin;
- political opinion or membership of political association;
- religious or philosophical beliefs;
- membership of professional or trade associations or trade union; and
- criminal record.
We will collect Personal Information directly from you when you:
- apply for a product or a service;
- update your Personal Information or another person's Personal Information held by us;
- deal with us as a key contact or employee of an institutional client;
- deal with us as a key contact or employee of a non-client relationship such as vendors;
- deal with us over the telephone or in person;
- send us a letter; or
- visit the JPMorgan Australia web site.
On occasions, we may need to collect Personal Information about you from third parties. This may include, but is not limited to:
- where an institutional client has applied for a product or a service and the details of the institutional client's officeholders, account signatories and/ or beneficiaries are provided to us by the individual applying on behalf of the institutional client;
- our agent and service providers which may be located overseas;
- law enforcement bodies;
- statutory and regulatory bodies;
- publicly available sources including the Internet and telephone directories;
- industry databases; and
- marketing organisation including through the use of purchased lists.
Unless the collection of sensitive information is required or permitted by or under law, we will obtain your consent to its collection.
If at any time you provide us with Personal Information about another person, you acknowledge that you will ensure that the person has been notified of all relevant matters required under the Privacy Act relating to our collection of such information and has consented to the collection, use and disclosure of their Personal Information by us as set out in this Privacy Policy.
If we are not provided with certain Personal Information we may not be able to provide some or all of our services.
In certain circumstances, we may be required or authorised to collect Personal Information under certain laws that apply to JPMorgan including the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.
Your Personal Information may be held within our (or our service providers'):
- premises in paper records;
- computer systems including email, servers, hard drives and applications;
- data storage systems; and
- in certain circumstances, in sound recordings of your telephone discussions with J.P. Morgan.
JPMorgan will take reasonable steps to protect the Personal Information it holds from interference, misuse and loss and from unauthorised access, modification or disclosure. In line with our internal authorisation and access policies, employees only have access to information on a need to know basis.
To the extent permitted by law, JPMorgan will take reasonable steps to destroy or permanently de-identify Personal Information if it is no longer needed for any purpose for which the information may be used and disclosed under this Policy except in circumstances where JPMorgan is required or authorised to retain such Personal Information (including as a result of the operation of tax, financial services or other applicable law).
Personal Information may be collected, held, used or disclosed for the purpose of undertaking JPMorgan's obligations and providing services and products or for any of the following purposes:
- managing client relationships and/or servicing you globally;
- carrying out or facilitating the client's instructions or responding to the client's queries or requests;
- all existing or future customer due diligence, client verification procedures and ongoing account administration (including but not limited to monitoring, screening and sanctions risks assessment);
- daily operation of the accounts, services, products and/or other banking services and facilities provided to or to be provided to the client;
- performing our administrative operations, including accounting, record keeping, archiving, systems development and testing and staff training;
- performing control and risk management functions – including monitoring credit exposure, conducting credit checks and audits generally, and anti-money laundering regulatory screening, reporting and monitoring;
- developing and identifying products and services that may interest you;
- enhancing operational, technology, finance, compliance and other support function efficiencies;
- enforcing the obligations of the client including collection of amounts outstanding from the Client and its guarantor(s) or security provider(s);
- assisting other financial institutions or financial intermediaries to conduct credit checks and collect debts;
- managing our rights and obligations in relation to external payments systems;
- handling complaints and managing legal matters and litigation;
- conducting market or customer satisfaction research;
- (unless you ask us not to) telling you about other products and services we offer;
- inviting you to other events that may interest you;
- assessing and processing employment applications and conducting due diligence as part of pre-employment screening;
- when considered necessary by JPMorgan to comply with any law, regulation, court order or requirement of a regulatory or self-regulatory body, tax authority or industry bodies; and
- any other purpose relating to or in connection with the business or dealings of JPMorgan.
We may disclose your Personal Information to the following parties:
- employees, agents, subcontractors, insurers, consultants, exchanges, repositories, depositories, clearing houses, affiliated or unaffiliated providers of outsourced or other services in connection with provision of services or products or otherwise in connection with the operation of JPMorgan business;
- professional advisers of JPMorgan;
- any financial institution or financial intermediary with which the client has or proposes to have dealings or otherwise is in connection with provision of services or products;
- governmental, regulatory, supervisory, law enforcement or similar authority (including tax authority) or industry body in any jurisdiction;
- trade repositories or similar facilities or institutions (and related third party service providers), whether pursuant to legislation, regulation, supervisory directive or otherwise;
- any court of competent jurisdiction in defence of claims or enforcement of rights;
- auditors of JPMorgan or Auditors of the Client;
- an assignee or a proposed assignee of any of JPMorgan's rights or obligations
- any person or organisation who introduces you to us;
- credit reference agencies;
- any person with whom JPMorgan may enter a transaction under which payments may be made by reference to an agreement with the Client;
- debt collection agencies (in the event of default) (except for information of referees and third parties other than debtors and guarantors); and
- any person to the extent necessary, in our view, in order to carry out the instructions you give to us.
Personal information collected by any member of the JPMorgan Group may be disclosed and shared between other members of the JPMorgan Group (including those members that are located overseas as referred to below) and may (unless you tell us not to) be used for the respective marketing purposes of the members of the JPMorgan Group.
JPMorgan is a global financial organisation that operates in and provides services and products to clients through, and with the support from, its branches, affiliates and subsidiaries located in multiple jurisdictions. As a global organisation, JPMorgan may centralise (within one or more of its branches, affiliated companies or unaffiliated service providers) certain activities relating to client accounts and relevant services and products.
In some cases, we may need to disclose your Personal Information to related companies, affiliates, agents or contractors located outside Australia. The countries in which these recipients may be located will vary from time to time, but may include Brazil, Canada, China, Hong Kong, India, Japan, Korea, Malaysia, Mexico, New Zealand, Singapore, United Kingdom, United States and other countries where JPMorgan has a presence or uses contractors. For a list of locations in which JPMorgan has a presence visit our website: www.jpmorgan.com
In all cases, by providing your Personal Information to us or using our services, you consent to the disclosure of your Personal Information outside Australia as set out in this privacy policy, and acknowledge that JPMorgan is not required to ensure that overseas recipients handle your Personal Information in compliance with Australian privacy law. However, where practicable in the circumstances, JPMorgan will take reasonable steps to ensure that overseas recipients use and disclose such Personal Information in a manner consistent with this Privacy Policy.
Our compliance with the Australian Privacy Principles also extends to when you transact business via our web site. Our web site terms and conditions and any privacy notices are posted on the web site.
When you use a link from the JPMorgan web site to the web sites of third parties, those web sites are not subject to JPMorgan's privacy standards and are outside our control. Those third parties are responsible for informing you of their own privacy policies. We are not responsible for the security or privacy of any information collected by third-party websites or other services.
For statistical purposes we may collect information on web site activity (such as the number of users who visit the web site, their country, the date and time of visits, the number of pages viewed, navigation patterns and the operating systems and browsers used to access the site). This information on its own does not identify an individual but it does provide us with statistics that we can use to analyse and improve our web site.
When you use our web site, we may send you a temporary cookie. A ‘cookie’ is a packet of information that allows the server to identify and interact more effectively with your computer that gives you a unique identification number. This identification number is sent each time you use our web site. Cookies do not identify individual users, although they do identify a user’s browser type and your Internet Service Provider. You can configure your browser to accept all cookies, reject all cookies, or notify you when a cookie is sent, however, if you do not accept cookies, you may not be able to make full use of the JPMorgan web site. At the end of your interaction with our web site, the cookie no longer exists and it cannot be used for further identification or access to your computer.
If at any time you would like to request access to the Personal Information we are holding about you, you are welcome to ask us in a form or manner which identifies the nature of the Personal Information requested.
Requests can me made to your JPMorgan business contact or the Privacy Officer for the Australian operation of JPMorgan as follows:
Email address privacy.officer.au@jpmorgan.com
Business address: JPMorgan
85 Castlereagh Street
Sydney
NSW 2000
Telephone number: (02) 9003 8888
Generally, we will provide you with access to the Personal Information we hold about you within a reasonable time. Under certain circumstances however, we may not be able to provide you with access to the Personal Information we hold about you. This includes where:
- it would have an unreasonable impact on the privacy of another individual;
- the request is frivolous or vexatious;
- information relates to legal proceedings;
- the information would reveal a commercially sensitive decision-making process; or
- we are prevented by law from disclosing the information, or providing access would prejudice certain investigations.
Unless we are unable to do so, we will inform you of the reason(s) for refusing access.
We may charge a fee for providing access to your Personal Information.
We will take reasonable steps to ensure that your Personal Information is accurate, complete and up to date. This includes correcting Personal Information we identify as being incorrect or where you are able to demonstrate that the Personal Information we hold about you is incorrect.
If at any time, you find that the Personal Information we hold about you is inaccurate, incomplete, out-of-date, irrelevant or misleading please advise your JPMorgan contact or our Privacy Officer immediately using the contact details above.
If you request a correction to the Personal Information we hold about you and we consider that we are not able to correct the Personal Information in the manner you have requested, then, unless we are unable to do so, we will inform you of the reason(s) for refusing to correct the Personal Information.
We may use your personal details, including your address, to provide you with newsletters and information about products, services or other events that may be of interest to you.
If at any time you do not wish to receive such marketing information, you have the option to ask us not to send you any further such material and you may do so by writing to your JPMorgan contact or our Privacy Officer using the contact details above.
If you wish to make a complaint about our collection, use or disclosure of your Personal Information, you should contact your JPMorgan contact or our Privacy Officer (using the contact details above) in writing.
We will make every effort to resolve your complaint internally within a reasonable time.
If we do not resolve your complaint to your satisfaction:
- in respect to matters relating to J.P. Morgan Securities Australia Limited and J.P. Morgan Asset Management (Australia) Limited, you may contact the Australian Financial Complaints Authority by calling them on 1800 931 678; writing to them at GPO Box 3 Melbourne Victoria 3001; emailing them at info@afca.org.au or visiting their website at www.afca.org.au; or
- you may contact the Office of the Information Commissioner by calling them on 1300 363 992; writing to them at GPO Box 5218 Sydney NSW 2001; emailing them at enquiries@oaic.gov.au or visiting their website at www.oaic.gov.au.
Please note that this Privacy Policy may change from time to time. You may at any time request a current copy from our JPMorgan business contact or access it from the JPMorgan Australia web site (www.jpmorgan.com/pages/jpmorgan/au/home). We encourage you to review our Privacy Policy periodically for any changes.
If you have a query concerning how your Personal Information is collected and used or in relation to JPMorgan's Privacy Policy, please contact our Privacy Officer using the contact details above. Additional information, including the Australian Privacy Principles, may be found on the Office of the Information Commissioner’s web site.
Guide to the Markets
Comprehensive insights on all the latest global economic and market developments.
U.S. Global Liquidity investors can anticipate continued real yields across the entire global liquidity product lineup in 2025
Explore the Global Liquidity EMEA Investment Outlook 2025 with our insights on expected rate cuts by the Federal Reserve, ECB, and BOE. Discover how these changes may impact money market strategies and investment horizons in the US, Europe, and UK. Learn about potential economic growth challenges and strategic opportunities in the evolving global liquidity landscape.
The 2025 interest rate outlook for Asia-Pacific (APAC) will be influenced by geopolitical risks, escalating trade tensions, and the Federal Reserve policy. Regional factors such as domestic economic conditions and the effectiveness of China’s stimulus will also shape central bank decisions.
At the conclusion of their December monetary policy meeting, the European Central Bank (ECB) cut their three key policy rates by 25 basis points (bps) for the third consecutive meeting.
Explore insights for cash investors navigating the widening economic divergence between the US and Europe. Discover how J.P. Morgan's liquidity strategies are positioned to capitalise on current market conditions, focusing on credit quality and duration management amidst varying central bank policies and recession risks.
The Bank of England's Monetary Policy Committee voted 8-1 to lower the Bank Rate by 25 basis points to 4.75%, with Governor Andrew Bailey emphasizing a cautious approach due to the UK budget's economic impact. The committee plans to continue gradual, quarterly rate reductions, focusing on progress in services inflation before making further adjustments.
Explore the ECB's October strategic rate cuts amid economic uncertainty. Discover how data-driven decisions shape monetary policy and market reactions, with insights from ECB President Christine Lagarde. Stay informed on the latest economic forecasts and implications for cash investors.
Explore the benefits of standard money market strategies amid non-recessionary rate cuts, including higher yields and extended Weighted Average Maturity (WAM). Understand why cash investors are increasingly opting for these strategies.
The Federal Open Market Committee (FOMC) took the first step in easing monetary policy with a long-anticipated cut to the federal funds target rate of 50 basis points to 4.75-5.00%.
Explore the European Central Bank's recent decision to cut interest rates and its data-dependent approach to future monetary policy. Understand the implications for inflation, GDP growth, and market reactions, as well as strategies for EUR cash investors
Explore how major central banks' policy adjustments are impacting liquidity investment strategies. Learn about the anticipated rate cuts, strong credit fundamentals, and how to adapt investment strategies in the current economic environment.
The ECB and BoE are cautiously approaching rate cuts, with decisions being heavily data-dependent. The ECB is expected to continue cutting rates at alternate meetings into 2025, while the UK base rate may remain unchanged in the near term. Both central banks are balancing the need to support economic growth with the risk of resurgent inflation.
Moderating inflation has allowed central banks to shift their focus towards fostering economic growth, signaling an impending monetary policy pivot. While markets have quickly priced in multiple rate cuts, the pace and magnitude of central bank actions remain uncertain. For APAC cash investors, the implications of the Federal Reserve (Fed) policy continues to be significant; but local inflation, economic conditions, and political nuances will also influence regional cash investment strategies.
The Monetary Policy Committee (MPC) voted by a narrow majority of 5-4 to reduce the Bank Rate by 25 basis points to 5%. This is the first cut since March 2020. Governor Andrew Bailey stressed a cautious approach and said the Bank of England (BoE) is alert to risks of another surge in inflation.
On 22 July, the People’s Bank of China cut its 7-day Reverse Repo rate and Loan Prime Rate by 10 basis points. The decision shows the central bank is shifting its focus to the 7-day Open Market Operation rate as its new policy benchmark.
Predicting and timing a rate-cutting cycle is challenging. Focusing on what they can control can help cash investors to capture current yields while strategically positioning for future rate declines.
At its monetary policy meeting on the 6 June, the European Central Bank (ECB) cut its key interest rates by 25 basis points (bps). The rate cut was broadly signalled by the central bank and widely expected by investors.
Singapore and HK interest rates have moved sharply higher over the past few years, abetted by a high correlation with US monetary policy. However, they have echoed rather than mirrored the upward trend in US interest rates.
Falling inflation across APAC has raised expectations of rapid central bank rate cuts to boost flagging domestic growth – however APAC central banks appear reluctant to diverge from the Fed.
With US inflation finally trending downwards, the Federal Reserve (Fed) has pivoted to a more dovish bias, although the timing and extent of future rate cuts remains uncertain. Across the Asia-Pacific (APAC) region, inflation is also declining, raising the prospect of lower regional interest rates. However, the impact will likely be more variable due to country-specific nuances.
With Q1 '24 underway, Kyongsoo Noh answers the top five questions on the minds of liquidity investors.
At its first monetary policy meeting of 2024, the RBA left its OCR unchanged at 4.35%. The decision was in-line with market expectations, although the tone of the accompanying statement was more hawkish than expected.
The BoE held the Bank Rate steady at 5.25% for the fourth consecutive meeting but removed their bias towards the next move being another hike in rates. Notably, the decision was not unanimous as two members continued to vote for a 25 basis point (bp) hike, while one member voted for a 25bp cut leaving six members, including the Governor voting for unchanged rates.
On 29th January, the Monetary Authority of Singapore (MAS) decided to maintain the prevailing rate of appreciation of the S$NEER policy band, with no change to its width nor centre point.
At its first monetary policy meeting of the year on 25 January 2024, the European Central Bank (ECB) kept all key interest rates on hold. This was the third consecutive meeting to conclude with no change to monetary policy, with the last rate hike occurring in September 2023.
BOE voted to maintain Bank rate at 5.25% (6:3 split for hike) again. The Panel maintained its guidance that rates would need to be “sufficiently restrictive for sufficiently long” to curb inflation.
At its monetary policy meeting on 14th December 2023, the European Central Bank (ECB) kept all key interest rates on hold, for a second consecutive meeting. The ECB announced that reinvestments of the Pandemic Emergency Purchase Program (PEPP), will decrease by 50% from July 2024. President Lagarde stated that the Governing Council (GC), will not let its guard down, in the fight against inflation.
The Federal Open Market Committee (FOMC) left the federal funds target range unchanged at 5.25-5.50%, as anticipated. However, the quarterly update for the Summary of Economic Projections (SEP) suggested a dovish bias, with the “dots” pointing towards three cuts for next year, with a rate at the end of 2024 of 4.50-4.75%. The market reacted by increasing expectations for rate cuts in 2024, pricing in cuts more aggressively than the Fed.
At their last monetary policy meeting of the year on 5 December, the Reserve Bank of Australia (RBA) left the Overnight Cash Rate (OCR) unchanged at 4.35%. This was in line with market expectations.
At its semi-annual monetary policy meeting on 13 October, the MAS decided to maintain its prevailing monetary policy stance Fig 1a for a second meeting - following five previous upward adjustments. The decision was In-line with expectations, with the central bank leaving the slope, band width, and mid-point of SGD NEER unchanged.
At Michele Bullock’s first monetary policy meeting as the Governor, the Reserve Bank of Australia (RBA) decided to leave the Overnight Cash Rate unchanged at 4.10%. This was the fourth pause in the central bank’s rate hiking cycle.
Deregulation, deportations, tariffs, tax cuts, cost cutting, crypto, oil & gas, medical freedom and Agency purges: What could possibly go wrong? Sections include the AI Golden Goose, the invisible nuclear renaissance, DOGE Quixote, the two China traps, Dr. Seuss goes to Europe, a crypto update and the 2025 Top Ten list.
I was visited by six ghosts recently warning me of dangers related to predictions, allocations, apparitions, legalizations, expurgations and ablations. Here’s what they said.
A reflection on the 2024 election and who tells your story. On Trump’s victory: market implications of a supply side boost from deregulation clashing against inflationary impulses of tariffs and deportations. The ten year Treasury will be the most reliable barometer of all. To conclude, an ode to vaccines and an RFK bibliography.
For participants in the China equity rebound trade: once you hit your return targets, take the money and run.
The US is about to conduct its most polarized Presidential election in 100 years.
NVIDIA and its GPU customers are now a large driver of equity market returns, earnings growth, earnings revisions, industrial production and capital spending.
A surge in the Japanese Yen is resulting in home repatriation of Yen-funded positions overseas, and close-out of Yen-funded positions abroad. While Google was found guilty of home bias anti-competitive search engine behavior, any judicial remedies could be as bad for recipients of Google’s shelf space payments as they are for Google itself. Work-from-home trends have plateaued at ~30%, which has important implications for owners of impaired office buildings. Most distressed sales now require discounts of 60%+ vs pre-COVID levels; the fundamentals of the office sector explain why.
From 1930 to 2010, there were six extended periods of small cap outperformance as it dominated large cap over that entire period. But since 2010, small cap sits alongside value stocks and non-US stocks in the unholy trinity of underperforming portfolio strategies. While poor profit fundamentals argue against a prolonged period of outperformance vs large cap, small cap stocks are at their cheapest levels in the 21st century with potential market and political catalysts in their favor. First, a few words on the CrowdStrike outage.
US small cap stocks were the lions of the 20th century, generating substantial returns over large cap stocks during six different extended periods of time. It has been 20 years since the last one due to a combination of poor small cap profit fundamentals, higher exposure to rising interest rates and the pricing power accruing to the largest stocks in a winner-take-all economy. Small cap has joined value stocks and non-US stocks in the trinity of severely underperforming asset allocation strategies. Relative to large cap, small cap stocks are now at their cheapest levels in the 21st century. While poor fundamentals argue against a seventh multi-year small cap outperformance regime, small cap is much closer to fair value for diversified portfolio investors.
Recent Supreme Court rulings may now usher in the largest pushback on the regulatory state since the Reagan Administration. A look at the end of Chevron deference, a revised statute of limitations for challenging government regulations, the Major Questions Doctrine, the right to a jury trial and a District Court injunction against Biden’s LNG export moratorium.
US Presidential elections: a brief primer on candidate replacement; Supreme Court decisions. As part of our ongoing coverage in the Eye on the Market of issues related to the US political process (third party candidates, the 11th and 12th amendments, the Electoral Count Reform Act, faithless electors, the No Labels movement, etc), I want to share a brief description of what we understand regarding candidate replacement procedures after the last Presidential primary and before the general election in November.
Investing in professional sports leagues and related businesses. As rules around private equity ownership of sports leagues expand, we review team valuations and profitability, emerging sports categories, streaming and broadcast revenues, the decline of regional sports networks, drivers and comparisons of league parity, relegation and financial pressures in the English Premier League, stadium subsidies, sports betting and other adjacent businesses, antitrust issues, the esports winter, the worst teams that money can buy and the best basketball players of all time.
With spring planting season having arrived in Zone 7, it’s a good time to review agriculture from an investor’s perspective. Topics include agricultural price inflation in the wake of Russia’s invasion of Ukraine; public and private equity investments in agriculture, farmland ownership and the drivers of farmland returns; seed bio-engineering designed to reduce consumption of fertilizer, fungicide and water; and some satellite data on the immense agricultural damage occurring in Gaza and Israel. The Appendix addresses the avian flu’s impact on agriculture and the food supply.
Cicadian Rhythms: the fading prospects of a US disinflationary boom; Japan’s structural reform/M&A emergence; and Eye on the Market mailbag responses to questions on Tesla/Musk, GLPs, housing, China, Truth Social and Meta’s latest open source model
The Good, the Bad and the Ugly: on tech valuations, AI, energy and US politics Last week I spoke to the firm’s tech CEO clients at a conference in Montana. This note is a partial summary of that presentation, entitled “The Good, the Bad and the Ugly: an investor lens on tech valuations, AI, energy and the US Presidential Election”.
Electravision. The predominant vision for the future involves the electrification of everything, powered by solar, wind, transmission and distributed energy storage. This vision primarily relies upon the greater efficiency of electric motors and heat pumps vs their fossil fuel counterparts. While the grid is getting greener, electrification is advancing at a much slower pace for reasons related to chemistry, physics, cost, politics and human behavior. Our 14th annual energy paper takes a closer look, and also includes sections on nuclear power, China, hydrogen, “net zero oil” and Gaza’s energy future.
Five Easy Pieces: on Magnificent 7 stocks, open source large language models, the No Labels movement, the Armageddonists and bottom-fishing in Chinese equities.
This Eye on the Market is about all the things that can be true at the same time. The collapse of the political middle in Congress should not be an excuse for everyone else to abandon the ability to believe things that may appear contradictory, but which are all part of a more complicated reality.
Falling US inflation and possible Fed easing are increasing talk of a soft landing rather than a hard landing and bear market. Our 2024 Outlook takes a closer look at equities, fixed income, China, Japan, antitrust, weight loss drugs and ten surprises for 2024.
A review on industry returns in private equity, venture capital, hedge funds, commercial real estate, infrastructure and private credit
Six questions and answers on the intersection between geopolitics, US politics and financial markets
A comparison of NYC to 21 other US cities with respect to urban recovery, commercial real estate, mass transit, crime, outmigration, work-from-home trends, tax rates, economic pulse, fiscal health, unfunded pensions, energy prices, industry diversification and competitiveness.
I asked Chat GPT-4 questions on economics, markets, energy and politics that my analysts and I worked on over the last two years. This piece reviews the results, along with the latest achievements and stumbles of generative AI models in the real world, and comments on the changing relationship between innovation, productivity and employment. The bottom line: a large language model can process reams of text very efficiently, and that’s what it’s made for. But it cannot think or reason; it’s just something I paid for. Upfront, a few comments on oil prices.
Global Resilience to higher rates
The impact of underperforming 2020 and 2021 US IPOs
Comments on mega-cap stocks and artificial intelligence. Then, it’s time for some of my unsolicited letters to Barron’s, MSNBC, “No Labels”, FHFA and more.
Time to retire the US/Emerging Markets barbell for a while
Oh, The Places We Could Go: on the US dollar, reserve currencies and the South China Morning Post
Frankenstein’s Monster: banking system deposits and the unintended fallout from the Fed’s monetary experiment; commercial real estate, regional banks and the COVID occupancy shock; the wipeout of Credit Suisse contingent convertible securities; a market and economic update; and an update on San Francisco, which has experienced the weakest post-COVID recovery of any major city in North America.
Renewables are growing but don’t always behave the way you want them to.
One of these things is not like the other, and that thing is Silicon Valley Bank.
US economy stays warm, large language model battles get hot
The Federal debt and how the Visigoths may try to break the system if no one fixes it.
The End of the Affair. The affair with market catalysts of the last decade is over now, and a new era of investing begins. A look at a world of higher inflation, more regionalized trade and investment and more capital scarcity.
A discussion of the YUCs, the MUCs, FTX and three rules for investors: the Gensler Rule, the Sirens Rule and the Summers Rule. Our 2023 Outlook will be released as usual on January 1st.
A preliminary read on midterm election results given the context of prevailing market and economic conditions.
My list of things I am thankful for this year: CH4, HR4346 and mRNA-1273. Of course, your mileage may vary.
Three reruns for investors. First, in almost every post-war bear market, equity declines preceded the fall in earnings, growth and employment. As a result, we’re more focused on changes in manufacturing surveys than on the other victims of a recession as a sign of the bottom. Second, Graham Allison’s rising power conflict analysis and its historical precedents come back into focus with the latest US policies cutting off high performance semiconductor exports to China. Third, another press article on a small country as a prototype for a renewable future that does not address its irrelevance for larger developed or developing economies.
Three topics this week: the repricing of risky credit, labor markets and a COVID recap. While equities are pricing in a much greater probability of recession now, the credit markets are just getting started. One canary in the coal mine: the Citrix financing, which will be followed by a string of even weaker credits. On labor markets, the Fed is facing the tightest labor supply conditions in decades. Can second chance policies easing the path to employment for people with criminal arrest records help increase the labor supply, or will the Fed have to crush the economy to restore desired levels of wage and price inflation? Lastly, an update on bivalent vaccines and inhalable vaccines, as the latter offers the best chance of actually reducing infection and transmission.
Three topics in this month’s Eye on the Market. First, an update on the Fed, inflation and corporate profits since we believe the June equity market lows may be retested in the fall. Second, a detailed look at what would have to happen for the climate bill’s projected GHG savings to actually occur; the answer matters given the implications for the US natural gas industry. And finally, will all the new IRS agents really stick to auditing taxpayers above $400k? Data from the GAO suggests there may not be enough of them to meet the Administration’s revenue targets.
The global supply chain mess will require increased vaccination and acquired immunity, semiconductor capacity expansion and the end of extraordinary housing/labor supports to resolve. A close look at some very anomalous charts on shipping, semiconductors, inventories, labor shortages, foreclosures and mortality.
Greetings students. We look forward to seeing you back on campus. Your Fall 2021 syllabus is attached. Syllabus update: Biology BI66 “The Origins of COVID” has been cancelled until further notice.
Red Med Redemption: A visual depiction of politics, ideology, vaccine resistance and the Delta variant. Other topics: US economic recovery update, and big tech reliance on acquisitions to fuel growth at a time of rising anti-trust enforcement. We conclude with a new “Investor Odds & Ends” section that covers NYC hotel/office markets and possible changes in personal, corporate and international tax rates.
COVID and the Delta variant; the Fed as firefighter and arsonist; US-China economic divorce picks up steam; and the pig-snake inflation timetable (how long until we know if there’s a permanent wage/price rise).
Every two years, we take a close look at the performance of the private equity industry given its rising share of institutional and individual portfolios. Our findings this year: the private equity industry is still outperforming public equity, but this outperformance narrowed as all markets benefit from non-stop monetary and fiscal stimulus, and as private equity acquisition multiples rise. We examine manager dispersion, benchmarks, co-investing, GP-led secondary funds, the torrid pace of industry fundraising and manager fees in this year’s piece.
The election as referendum on America: how well does the “system” work, and for whom?
The US recovery; The flood of money and market returns; Globalization lives; Reducing COVID mortality through vascular treatments; Realistic timetables for never-been-done before vaccines; Sweden’s COVID experiment is not what you think
In this week’s Eye on the Market, we review topics from our recent client Zoom calls. Topics include: risk of inflation, second waves of infection, the effectiveness of lockdowns and Biden’s taxation and spending agenda.
In this week’s note, we discuss the latest news on US infection trends and reopening plans, Remdesivir trial results and whether US fiscal stimulus is “enough”.
A Coronavirus update: severity, consequences and implications for investors.
While recessions and bear markets are a fact of life, something peculiar happened after the Global Financial Crisis: the rise of the Armageddonists.
This paper, written by Tai Hui, addresses U.S. equity investment, highlighting the importance of fundamentals, and managing portfolio during market fluctuations.
This paper discusses the near-term pains that await Asian economies from the proposed U.S. tariffs, and how Asia can navigate this trade uncertainty from a long-term perspective.
At its final meeting, the Federal Open Market Committee (FOMC) voted to reduce the Federal funds rate by 0.25% to a target range of 4.25%-4.50%, cutting rates by a 100 basis points (bps) or 300 bps annualized in 2024.
This paper addresses the challenges that lie ahead for Asian equities in 2025 amid trade tensions and a strong U.S. dollar, and the investment implications.
This paper, written by Meera Pandit, discusses the potential impact of U.S. government policy changes on alternative assets.
This paper, written by Jennifer Qiu, addresses the broader impact of potential U.S. tariffs on China, and the investment implications.
This paper discusses the various drivers apart from corporate reforms that provide positive sentiment to the Japanese equity market, and the investment implications.
This paper, written by Meera Pandit, discusses the impact of a U.S. corporate tax rate cut on corporate earnings, and the investment implications.
In our 2025 Market Outlook, we address 9 frequently asked questions by investors in the region and beyond. We hope our insights can help you navigate the road ahead, on the way to your investment objectives.
This paper addresses the current market stability and investor confidence in the U.S. debt situation keeping in mind the long-term risks, and the investment implications.
This paper discusses the strength of the U.S. dollar since September, driven by higher U.S. Treasury yields and President-elect Trump's policy stance, and the investment implications.
This paper, written by Meera Pandit, discusses the Federal Open Market Committee's decision to lower the federal funds rate by 25 basis points to a target range of 4.50%-4.75%, and the investment implications.
This paper, written by David Kelly, Gabriela Santos and Stephanie Aliaga, discusses the potential Republican sweep in the U.S. elections, and the investment implications.
This paper addresses the stabilization of S&P 500 earnings in the U.S. on the back of normalizing in growth and inflation, and the investment implications.
This paper discusses the consumption outlook and the related impact of the policy stimulus in China from the lens of Chinese households' balance sheets and their vulnerabilities.
This paper, written by Chaoping Zhu, discusses the stimulus measures adopted by Chinese policy makers in response to deflationary risks, and the need for clearer future plans amid economic uncertainties.
This article addresses the U.S. dollar's varied performance against Asian currencies and factors affecting various currencies' strength.
This paper, written by Marcella Chow and Jennifer Qiu, addresses the importance of quality fixed income in a diversified portfolio amid diverse economic and monetary policy landscapes.
This paper, written by Tai Hui, addresses the impact of Beijing's coordinated policies on the recent Chinese equity market rally, and the long-term investment implications.
This paper addresses the investment opportunities in ASEAN equities on the back of attractive valuations and robust income generation.
This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)
This paper, written by Kerry Craig, discusses the opportunities for investors in real estate markets on the back of expected decline in interest rates and bond yields.
In this piece, we compare the proposals of Vice-President Harris and former President Trump across taxes, trade and immigration, and the potential market implications of different election outcomes.
This paper addresses the historical impact of "soft landings" and "hard landings" on asset classes, and how investors can position themselves with Fed rate cuts looming.
This paper addresses the flexibility of Asian central banks to cut rates amidst easing inflation and robust recovery in currencies, and the investment implications on Asian equities and fixed income.
This paper addresses the underperformance of the South Korean market despite strong earnings outlook, improving corporate governance and regulatory reforms, and steady macroeconomic outlook.
This paper addresses how China has strengthened its self sufficiency in automobile and technology sectors, and the investment implications.
This paper discusses the 2Q24 U.S. earnings season, with the eagerly anticipated broadening out of earnings growth for the companies outside the Magnificent 7, and the investment implications.
This paper discusses the recent market volatility in the U.S. and Asia on the back of the release of the U.S. July jobs report and latest Federal Reserve commentary, and the investment implications.
This paper discusses the BoJ’s decision to hike rates and reduce the pace of its JGB purchases in its latest policy meeting, and the investment implications.
This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)
This paper discusses whether the strength of the rotation into U.S. small caps is premature given weak fundamentals.
This paper discusses the investment implications of the latest economic data release from China and the policy rate cut by the PBoC.
With the U.S. election approaching, potential U.S. policy changes are a key concern for global investors. After most U.S. elections, the MSCI EM Index has had positive performance in the 100 days following.
This paper discusses how improving economic data can convince the BoJ to normalize monetary policy, and help Japan's earnings growth to outpace the U.S. and Europe in 2024-25.
This paper, written by Tai Hui, addresses why policy easing amid a soft landing backdrop should be positive for both equities and fixed income.
This paper discusses how corporate governance reforms in Asian markets can enhance earnings outlook, and the investment implications.
This paper addresses the concerns over market concentration in the S&P 500, and the investment implications.
This paper discusses trade tensions and the recent tariff impositions on China, and the investment implications.
This paper, written by Kerry Craig, highlights the growing significance and potential risks of private credit markets in enhancing returns and diversification.
This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)
This paper, written by Marcella Chow, highlights the divergence in central bank monetary policies and its investment implications.
This paper discusses the election results in India, and the investment implications of short-term valuation challenges and long-term positive prospects.
This paper, written by Raisah Rasid and Jennifer Qiu, discusses why investors should take an active approach towards Asian equities in mitigating currency risks.
This paper, written by Dr. David Kelly and Jennifer Qiu, discusses investment implications of rising U.S. federal debt and widening deficits.
This paper discusses why U.S. 1Q24 earnings have been better than expected, and broadening profit growth should present opportunities outside of the Magnificent 7.
This paper discusses the broader outlook for inflation and the labor market, following the April jobs report in the U.S.
This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)
This paper, written by Marcella Chow, discusses the recent surges in gold and copper, and why commodity strategies can help protect portfolios when both stocks and bonds are correcting.
This paper discusses the expected delay in the Federal Reserve's rate cut cycle, and when the current wave of volatility could eventually subside.
This paper addresses the latest Chinese economic data and the factors that may contribute to China markets trending higher.
This paper discusses the relative valuation of European equities, and the factors that could suggest a more constructive outlook for the region's equity market.
This paper, written by Kerry Craig, addresses the current performance and outlook of private equity market with subdued exit activity.
This paper summarizes the key highlights from the latest Federal Open Market Committee meeting. (3-min read)
This paper addresses why strong and consistent earnings growth, structural reforms and the likelihood of political continuity further enhances India's appeal in spite of rich valuations.
This paper, written by Tai Hui and Adrian Tong, discusses the key highlights of the Bank of Japan's March monetary policy meeting and what it means for the economy.
This paper discusses the macro factors in emerging markets that can drive a potential market rally once the Fed starts to cut and the U.S. dollar turns.
This paper summarizes the key objectives set out in the government work report at China’s National People’s Congress, which were broadly in line with expectations.
Solving for Fixed Income explores how the current environment has affected fixed income's traditional role and the many other opportunities that can accomplish its traditional objectives.
With monetary policy still at the forefront of the macro landscape in 2024, investors are left wondering how the election might influence Fed policymakers.
Continued demand for AI technologies from mega-cap companies should benefit Asian exporters that are involved in the regional tech supply chains.
The key to successful investing isn’t predicting the future, it’s learning from the past and understanding the present. We present time-tested strategies.
This paper, written by Tai Hui discusses why Japanese equities could remain strong despite the potential tightening in monetary policy.
This paper, written by Meera Pandit and Jennifer Qiu, discusses how quality balance sheets and margins continue to support U.S. large caps in spite of favorable small cap valuations.
While recession risks in the US have receded, geopolitical risk, election risk and restrictive monetary policy all threaten the current rally.
This paper, written by Tai Hui and Jennifer Qiu, addresses the history of monetary easing and our expectations of Fed policy in 2024. (6-minute read)
This paper, written by Raisah Rasid, discusses the expected weakening of the U.S. dollar and the inflation deceleration in Asia, which presents an opportunity in Asia fixed income
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