Market Bulletins

Higher prices and improving labor participation, support tighter policy

This paper, written by Dr. David Kelly, discusses the FOMC's December meeting announcement.

October CPI Report: Inflation still surging

This paper, written by Dr. David Kelly, discusses the October CPI report and what it means for investors.

October Jobs Report: Labor market recovery gets back on track

This paper, written by Dr. David Kelly, discusses the October jobs report and what it means for investors.

Focus on taper, not rates for now

This paper, written by Dr. David Kelly, addresses the FOMC's November meeting and their tapering plans.

Powell tees up tapering

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

Watching for the rise in bond yields

This paper, written by Kerry Craig, looks into the key factors that we see leading to a sustainable move higher in government bond yields, and what this means for investors.

Progress towards (substantial) progress

The Federal Open Market Committee statement highlighted the continued improvement in economic conditions due to progress on vaccinations, but noted risks to the outlook still remain, largely reflecting the rise in cases over the past few weeks in unvaccinated communities.

A hawkish surprise

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

Are commodities still a good inflation hedge amid decarbonization?

This paper, written by Kerry Craig, Ian Hui and Gareth Lam, looks into whether commodities can still protect investors from inflation given the global transition to a low-carbon economy.

Achieving net zero: Policy options and investor considerations

In this final paper of our "achieving net zero" series, we discuss the pillars of the policy mix and how the transition to net zero will impact some of the industries.

Achieving net zero: Solving the problem

In this third paper of our "achieving net zero" series, we discuss the technologies and strategies required in the path towards net-zero emissions.

Achieving net zero: The challenge ahead

In this second paper out of four, we discuss the scale of the challenge ahead in the path towards a carbon-neutral world.

Achieving net zero: The path to a carbon-neutral world

In this first paper out of four, we explore the paths that economies across the world are taking in the effort to achieve net-zero emissions, and introduce this series of four papers which will provide a framework to understand and address the challenges of getting to net zero and the associated investment implications.

Quickly improving economy, with a slow moving Fed

Recent economic and employment indicators have improved markedly in recent weeks. The Federal Open Market Committee (FOMC) appropriately acknowledged this recent strength, while continuing to reassure investors it would not act prematurely in pulling back monetary support.

Same Dovish Tune with More Hawkish Melodies

The rollout of COVID-19 vaccines and the passing of a further USD 1.8trillion fiscal package has brightened the economic outlook and today’s meeting gave investors a gauge on how this might adjust monetary policy in the years ahead.

Fiscal Surge and Easy Money

The pandemic would always have demanded a dramatic response in terms of easy monetary and fiscal policy. However, policy responses have been shaped not just by the needs of the present but by the lessons of the past.

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.

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.

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.

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.

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.

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.

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.

Monetary Medicine until the Patient is on the Mend

This paper addresses the FOMC's April meeting announcement.

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.

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.

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.

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.

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.

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.

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.

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.

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 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.

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.

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.

2019 Market Bulletins

Market Strategists provide commentary and analysis on the latest events and their likely impact on the markets and investing.

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.

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