‘Old economy’ stocks were in the ascendency again last week, pushing the S&P 500 up to new highs. Materials, consumer staples, financials, utilities and industrials were all strong. The stock…
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The stage is set for several months of strong payroll reports in the US as unemployment benefits expire. This may belatedly put some upward pressure on Treasury yields. Small business…
Despite the spread of the delta variant of Covid-19, it seems premature to talk about growth ‘concerns’ in the US economy. On the contrary, the Federal Reserve’s latest Senior Loan…
China’s tech clampdown is not unexpected in the context of its pledge to tackle anticompetitive practices, as outlined in the five-year plan (2021-2025). US tech giants are being hit with…
For now, the bond market has been clear in its message: inflation is not the pressing issue. Markets appear to be more concerned about economic growth. US real yields have…
The ‘transitory’ inflation narrative has taken hold, becoming the dominant view in financial markets. Inflation will inevitably moderate as base effects peak. This is clearly what the Treasury market believes….
