The New Global Rate Regime Has Arrived
For much of the past decade, investors became accustomed to a remarkably predictable world. Inflation remained subdued, central banks stood ready to support growth at...
Tag: Europe
The AI Bubble’s First Crack?
For the past two years, the investment case for artificial intelligence has been remarkably simple. Demand appeared limitless, hyperscalers announced ever larger capital expenditure plans,...
The Bond Market Has Spoken
The war may be fading. The bond market is not. Since the announcement of the fragile US-Iran agreement, investors have rushed to celebrate the return...
The Real Winner of the Iran War
For months, markets focused on the obvious losers. Iran suffered devastating infrastructure damage. Israel failed to achieve many of its strategic objectives. The United States...
Japan Joins the Global Tightening Club
For nearly three decades, Japan occupied a unique place in global finance. While the rest of the world worried about inflation, Japan worried about deflation....
Europe Chooses Inflation Over Illusion
The European Central Bank has finally accepted what markets have been slowly discovering for months. The inflation shock is no longer an energy story. It...
The Bond Market Under Pressure
For years, governments believed they could spend first and worry about financing later. The bond market is beginning to disagree. Global sovereign issuance has reached...
Why Markets Are Ignoring the Biggest Oil Shock in Decades
For decades, the closure of the Strait of Hormuz was presented as the ultimate nightmare scenario for the global economy. Analysts spoke endlessly about $200...
Europe’s Inflation Trap Returns
For months, central bankers tried to convince themselves that inflation was dying peacefully. The post-pandemic shock was supposedly fading. Supply chains were normalising. Energy prices...