The BoE struck a dovish tone yesterday: but it will have to be more forceful to stem the steady ascent of long-duration Gilt yields in 2023. It has largely gone…
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The early indications suggest China is wholly unprepared for reopening and has moved hastily to change its zero-Covid policy out of necessity. Beijing is facing its first big Covid wave…
Lumber futures are dropping back towards early 2020 levels, as the extent of the real estate downturn becomes clear. Last week, BREIT announced it was limiting redemptions, triggering a spate…
Friday’s payrolls report belies a softening trend in the labour market. The details of the report (together with forward-looking job market indicators) suggest we may have reached an inflection point….
If it occurs, next year’s recession will be one of the mostly widely anticipated in history. A relatively benign recession is currently priced in. Indeed, credit spreads are narrowing. The…
There is no easy exit strategy from zero-Covid for Xi Jinping. The CCP has been trapped by its own (draconian) policy. The only thing worse than three years of zero-Covid,…
China recorded a record number of Covid cases on Wednesday. More than 1.3 million people were under medical supervision this week as close contacts. The PBoC announced another cut of…
