The cost of capital in China's changing markets
Technology, productivity and the labor force
The tide has turned for the U.S. dollar
The path of the U.S. dollar: Looking forward by looking back
How demographic change will affect savings, growth and interest rates
Modestly but steadily lower returns
G4 government bonds: A slow road to low yields
A summary of the factors driving global markets over the last quarter.
After a strong first quarter, risk assets continued their rally in April.
Michael discusses how he should have taken Trump at his word on tariffs, and the impact of the widening trade war on global growth and equity markets as proposed tariffs approach pre-war levels.