31 July 2026
The Federal Reserve did not raise interest rates this week. The bond market tightened policy anyway.
The Federal Open Market Committee left the federal funds rate…
30 July 2026
Microsoft’s recent results have reignited an important debate among investors: does the company’s aggressive artificial intelligence investment represent exceptional long-term vision, or excessive capital allocation?
The question matters…
28 July 2026
Climate change is no longer a distant environmental concern; it has become a material macroeconomic risk that is eroding fiscal resilience and destroying billions of dollars of…
27 July 2026
A busy week for markets lies ahead, with key central bank meetings including the Fed (Wed), BoE (Thu) and BoJ (Fri). We also have the release of…
24 July 2026
For most of the past two years, investors have treated the US bond market as an extension of Federal Reserve policy. Inflation would fall, growth would slow,…
23 July 2026
Alphabet has just delivered the paradox defining this AI cycle: exceptional growth alongside a near $6 billion free cash flow deficit for the quarter.
Macro
Economic data in the quarter provided a complicated backdrop for the Federal Reserve (Fed). US core Personal Consumption Expenditure (PCE) hit the highest level since 2023 at 3.4%,…
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World Market Summary
As the World Cup commenced, markets paused for hydration in what was a very strong half (year) of performance. Both the South Korean national team and…
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World Market Summary
Equity markets recorded another very strong month in May, with the S&P 500 registering eight consecutive weeks of gains. The sky is no longer the limit…
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World Market Summary
April was another month dominated by two forms of crude. Trump’s social media posts and the resulting oil price volatility. Yet, April has been a stellar…
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