The semiconductor cycle is turning and, with it perhaps, the short, sharp period of durables inflation experienced globally over the last two years. Shortages in the semiconductor industry will soon…
Consumer spending is now weakening in the US, as inflation takes its toll. The Conference Board’s expectations index for consumer confidence is finally catching up to the slide in the…
The easing of Covid-19 restrictions in China cannot mask the assault on individual liberties. Under the cover of the pandemic, the Chinese authorities are exerting greater control over the population…
We have reached an important juncture on sovereign bonds. WTI crude has fallen back from its recent highs, and Chinese iron ore prices are sliding on growth concerns. The Philly…
The slide in cryptocurrencies has captured a lot of the headlines, but the bigger story is the rapid normalisation of real yields, the impact on corporate credit spreads, and the…
A ‘rare’ joint statement issued by the government and the BoJ on Friday expressed concern over the yen’s rapid decline. However, currency intervention will be pushing on a string if…
