Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li><em><strong>The Fed will remain tethered to the movements in the treasury market regardless of its inflation and employment mandates; otherwise, it risks larger economic problems.</strong></em></li>
<li><em><strong>U.S. Treasury yields are expected to rise due to declining demand and surging supply, regardless of the Fed's policies.</strong></em></li>
<li><em><strong>Rising US debt levels are now self-fulfilling as new debt is issued to pay rising interest costs.</strong></em></li>
</ul>


The Fed will remain tethered to the movements in the treasury market regardless of its inflation and employment mandates; otherwise, it risks larger economic problems.
U.S. Treasury yields are expected to rise due to declining demand and surging supply, regardless of the Fed's policies.
Rising US debt levels are now self-fulfilling as new debt is issued to pay rising interest costs.


Chief Economist, Heteronomics

Phil Rush

Chief Economist

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

<ul><li>Guidance around an unsurprisingly unchanged BoE rate preserved the necessary uncertainty about when it might ease again, albeit with a broad bias to do more later.</li><li>Dave Ramsden joined the dovish dissent, taking it to three for a 25bp cut, but none of them are in the MPC majority revealed in May as leaning towards a slower pace of cuts.</li><li>We believe the August decision remains finely balanced for the majority. Ongoing data resilience, discouraging the Fed and ECB from easing, should also keep the BoE on hold.</li></ul><p></p>

Guidance around an unsurprisingly unchanged BoE rate preserved the necessary uncertainty about when it might ease again, albeit with a broad bias to do more later.Dave Ramsden joined the dovish dissent, taking it to three for a 25bp cut, but none of them are in the MPC majority revealed in May as leaning towards a slower pace of cuts.We believe the August decision remains finely balanced for the majority. Ongoing data resilience, discouraging the Fed and ECB from easing, should also keep the BoE on hold.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>The Korean government may not force the listed companies to suddenly cancel all their treasury shares all at once. </li>
<li>Rather, a GRACE PERIOD is likely to be given for companies with existing treasury shares by which they need to cancel them.</li>
<li>Going forward, the Korean government is likely to decide to allow acquisition new of treasury stocks only when the purpose is to cancel them, excluding bonus payments or stock compensation.</li>
</ul>


The Korean government may not force the listed companies to suddenly cancel all their treasury shares all at once. 
Rather, a GRACE PERIOD is likely to be given for companies with existing treasury shares by which they need to cancel them.
Going forward, the Korean government is likely to decide to allow acquisition new of treasury stocks only when the purpose is to cancel them, excluding bonus payments or stock compensation.


Cancellation of Existing Treasury Shares in Korea - Government Likely to Provide a GRACE PERIOD

AI Generated Content, Heteronomics

Heteronomics AI

AI Generated Content

<ul><li>The Riksbank cut its policy rate by 25 basis points to 2%, in line with consensus expectations, citing weaker economic growth and a subdued inflation outlook.</li><li>The decision reflects persistent uncertainty in both domestic demand and the global environment, with the central bank signalling a non-trivial probability of further easing should inflation remain below target and recovery falter.</li><li>Future policy decisions will be highly data-dependent, with particular attention to inflation dynamics, labour market conditions, and the impact of ongoing geopolitical and trade-related risks.</li></ul><div><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></div>

The Riksbank cut its policy rate by 25 basis points to 2%, in line with consensus expectations, citing weaker economic growth and a subdued inflation outlook.The decision reflects persistent uncertainty in both domestic demand and the global environment, with the central bank signalling a non-trivial probability of further easing should inflation remain below target and recovery falter.Future policy decisions will be highly data-dependent, with particular attention to inflation dynamics, labour market conditions, and the impact of ongoing geopolitical and trade-related risks.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Sweden: 25bp Rate Cut To 2% (Consensus 2%) in Jun-25

<ul><li>Bank Indonesia maintained the BI-Rate at 5.50% in June 2025, in line with consensus expectations, citing stable inflation and a resilient rupiah as key factors.</li><li>The decision reflects a cautious approach amid persistent global uncertainties, with BI emphasising the need to preserve macroeconomic stability while supporting growth through accommodative macroprudential and payment system policies.</li><li>The interest rate outlook remains data-dependent, with the central bank signalling potential for further easing if inflation and currency stability persist, but maintaining a prudent stance given external risks and the need to attract foreign capital.</li></ul><div><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></div>

Bank Indonesia maintained the BI-Rate at 5.50% in June 2025, in line with consensus expectations, citing stable inflation and a resilient rupiah as key factors.The decision reflects a cautious approach amid persistent global uncertainties, with BI emphasising the need to preserve macroeconomic stability while supporting growth through accommodative macroprudential and payment system policies.The interest rate outlook remains data-dependent, with the central bank signalling potential for further easing if inflation and currency stability persist, but maintaining a prudent stance given external risks and the need to attract foreign capital.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Indonesia: Policy Rate Held At 5.5% (Consensus 5.5%) in Jun-25