January US CPI cooled slightly, with leading indicators pointing to further disinflation later this year. Headline inflation fell to 2.4% y/y in January from 2.7%. Similarly, core also cooled to 2.5% ...

The recent Bitcoin selloff is lacking a clear macro driver. Our Chart Of The Week comes from Artem Sakhbiev, from our FX strategy team. Bitcoin is down roughly 45% since its October peak, erasing all ...

One of our key views is that 2026 is unlikely to deliver a repeat of the explosive equity gains seen in 2025, and instead, the rally will broaden and become more inclusive. Last year, performance was ...

The annual benchmark payrolls revisions revealed that the labor market has been weaker for longer than initially reported. The probability that a crack in consumption is just around the corner is much ...

Our US equity strategists expect another year of gains for the S&P 500 in 2026, with returns capped by revenue growth as the bull market matures. The US economy is slowing but not contracting, ...

The US and Japan are in the same predicament: save the bond market or save the stock market? How this predicament will be resolved is the biggest global macro call of 2026-27. Plus: a new tactical ...

Several indicators of US economic activity improved significantly during the past month. January’s ISM Manufacturing PMI moved above 50 for the first time since February 2025. Perhaps more notably, we ...

South Africa’s commodity boost is fading, but its cyclical headwinds remain. As growth weakens and capital inflows dry up, the rand looks increasingly vulnerable to a reversal.

The actions of the Trump administration have dominated the headlines over the past month. They are all noise. Focus on the reactions from the rest of the world. Policy makers outside of the US are now ...

Global liquidity has been the decisive macro variable in 2025, and should stay broadly supportive through most of 2026. We therefore stay neutral equities versus bonds (valuations are stretched), keep ...

It appears that households have been able to spend more than they’ve earned since May by dipping into their swollen brokerage accounts. Bulked-up equity holdings could herald a future where ...

“If the exponential continues—which is not certain, but now has a decade-long track record supporting it—then it cannot possibly be more than a few years before AI is better than humans at essentially ...