The Diversification Debate: German Stagnation Undermines the Case for Europe, but Gold Wins in 2025
The second Trump administration and tariffs provoked the media to argue for diversifying portfolios away from the US to Europe. Secular stagnation...
75 Views
Fed Policy Taking Dovish Tilt in 2026 as Liquidity Management Programme Aims to Lower Repo Stress
The Fed lowered its policy rate to 3.5%-3.75% last week as expected and launched a liquidity management programme to relieve repo funding stress....
320 Views
Tax Refunds to Support Consumers in 2026 H1, Raising Inflation and Fed Policy Concerns
Depletion of the Treasury's General Account at the Fed and tax refunds in 2026 H1 reduce pressure on bank reserves and will support consumer...
320 Views
Bank of Japan Policy Outlook Complicated by Fiscal Stimulus and Past Policy Legacies
The BoJ's policy outlook in 2026 is complicated by new fiscal stimulus, exchange rate weakness and rising bond yields. Japan's contribution to...
381 Views
Fed Policy Outlook Heavily Influenced by QE Legacy Issues
The Fed has crucially supplied abundant liquidity during periods of market stress since 2008. Markets are skittish about near term policy conduct....
290 Views