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01

Jun

VIEWPOINTS JUNE 2023

REACHED THE PEAK? After a 5% move in the Fed funds rate in just over a year, it appears that we may have finally reached the peak policy rate for this cycle in the U.S. – or perhaps more accurately, a plateau in rates. Inflation continues to prove difficult to tame, with headline and core...
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01

Jun

VIEWPOINTS JUNE 2023
VIEWPOINTS JUNE 2023
REACHED THE PEAK? After a 5% move in the Fed funds rate in just over a year, it appears that we may have finally reached the peak policy rate for this cycle in the U.S. – or perhaps more accurately, a plateau in rates. Inflation continues to prove difficult to tame, with headline and core...
Read More

02

May

VIEWPOINTS MAY 2023

APPROACHING STALL SPEED Banking system concerns of a month ago have largely faded following liquidity support from the Federal Reserve and the passage of time without further failures – though not without consequence. The extension of credit from smaller regional banks is likely to decline... Read the full article here: Viewpoints May 2023
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02

May

VIEWPOINTS MAY 2023
VIEWPOINTS MAY 2023
APPROACHING STALL SPEED Banking system concerns of a month ago have largely faded following liquidity support from the Federal Reserve and the passage of time without further failures – though not without consequence. The extension of credit from smaller regional banks is likely to decline... Read the full article here: Viewpoints May 2023
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06

Apr

QUARTERLY REVIEW Q1 2023

OK, ON AVERAGE On average, the global economy looks to be “OK” – regional and sectoral areas of weakness being offset by other areas of relative strength; meanwhile, inflation seems contained in some areas albeit still raging in others. On average, the financial system is “OK” – concerns in some regional banks and other “one-off”...
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06

Apr

QUARTERLY REVIEW Q1 2023
QUARTERLY REVIEW Q1 2023
OK, ON AVERAGE On average, the global economy looks to be “OK” – regional and sectoral areas of weakness being offset by other areas of relative strength; meanwhile, inflation seems contained in some areas albeit still raging in others. On average, the financial system is “OK” – concerns in some regional banks and other “one-off”...
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04

Apr

VIEWPOINTS APRIL 2023

Signs of Stress The surprise failure of Silicon Valley Bank (SVB) has brought fears of instability of the financial system, sending a shockwave of uncertainty across the capital markets. Very elevated volatility in Treasuries, including a dramatic drop in rates across the curve, highlight investor concerns regarding other potential “shoes to drop.” Equity markets have...
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04

Apr

VIEWPOINTS APRIL 2023
VIEWPOINTS APRIL 2023
Signs of Stress The surprise failure of Silicon Valley Bank (SVB) has brought fears of instability of the financial system, sending a shockwave of uncertainty across the capital markets. Very elevated volatility in Treasuries, including a dramatic drop in rates across the curve, highlight investor concerns regarding other potential “shoes to drop.” Equity markets have...
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28

Feb

VIEWPOINTS MARCH 2023

Looking Across The Valley Global equities are off to a strong start in 2023. Investors have chosen to look across the valley of softening fundamentals – focusing instead on declining inflation, the near completion of central bank rate increases and moderating long-term rates. Notably, the easier financial conditions seen over the past few months have...
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28

Feb

VIEWPOINTS MARCH 2023
VIEWPOINTS MARCH 2023
Looking Across The Valley Global equities are off to a strong start in 2023. Investors have chosen to look across the valley of softening fundamentals – focusing instead on declining inflation, the near completion of central bank rate increases and moderating long-term rates. Notably, the easier financial conditions seen over the past few months have...
Read More