Bond weakness to continue

April 26, 2022 | Articles

The April 2022 edition of our US Macro Stategist focuses on the US bond market outlook as the Fed reduces liquidity support. We evaluate the attractiveness of sovereign debt as a macro hedge, assess duration plays, and evaluate the relative appeal of inflation-linked vs. nominal bonds.

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Not that 70s show

March 24, 2022 | Articles

The March 2022 edition of our US Macro Stategist focuses on the impact of rising oil prices and Fed tightening on the US economy and stock/bond portfolios. While both factors will dent growth prospects, we believe that fears of 1970s-type stagflation remain overstated, favouring risky assets.

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Fed wants to avoid repeat of 1970s

March 1, 2022 | Articles

The February 2022 edition of our US Macro Stategist focuses on two key sources of risk to the US equity outlook: a lengthy Fed tightening cycle, and a speculative spike in oil prices. We explore the implications of both shocks on recession risk, and the probability of a ‘bear’ market.

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Is 2022 the new 2001?

January 31, 2022 | Articles

The January 2022 edition of our US Macro Stategist explores the factors behind the ongoing stock market sell-off, and the likelihood of a lengthy correction. Given low recession risk, investors should retain a high equity exposure, but rotate away from tech as rising yields compress valuations.

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