FICC
One macro framework for rates, FX, credit, and commodities, helping investors connect cross-market signals and position with clarity and conviction.
Updated views on trends in labor supply and demand in light of this morning’s employment report.
This report reviews our FX and Fixed Income trades over the last year. We look forward to sharing our thoughts for 2025 next week.
President Trump’s victory has injected a dose of uncertainty into the outlook for commodity markets. Most notably, the new administration’s energy policies are likely to be part of the early agenda. Changes in US domestic and foreign policies will also impact the outlooks for gold and industrial metals. In this Strategy Report we highlight the likely consequence of Trump’s election on the major commodities.
Corporate bond spreads have tightened significantly during the past month, even as the range of economic outcomes consistent with stable credit spreads narrows.
October CPI numbers for Canada, the UK and Japan were released last week. This Strategy Insight examines the respective underlying drivers of inflation in those three economies and discusses the implications for monetary policy.
We update our inflation forecast following this morning’s CPI release, concluding that TIPS breakeven inflation rates have room to fall.
