Chief Economist, Aletheia Capital

Dr. Jim Walker

Chief Economist

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Macroeconomics

<ul><li>US Fed kept Fed Funds Rate stable at 3.5% to 3.75%. But more interesting was the fact that three of the Fed dissenters disagreed with the easing bias. The fourth, Stephen Miran, is still looking to cut rates.</li><li>Bank of Japan also held interest rates at 75bps, but the Monetary Policy Committee is totally out of touch. The government is having to refinance its debt while interest rates increase sharply compared to a few years ago.</li><li>Our latest Peregrinations report, Indonesia: First, Second or Reverse?, was published this week. Real GDP growth has been stuck at 5% for the last decade, equating to what we would call second gear. The Iran War threatens to put it into reverse.</li></ul>

US Fed kept Fed Funds Rate stable at 3.5% to 3.75%. But more interesting was the fact that three of the Fed dissenters disagreed with the easing bias. The fourth, Stephen Miran, is still looking to cut rates.Bank of Japan also held interest rates at 75bps, but the Monetary Policy Committee is totally out of touch. The government is having to refinance its debt while interest rates increase sharply compared to a few years ago.Our latest Peregrinations report, Indonesia: First, Second or Reverse?, was published this week. Real GDP growth has been stuck at 5% for the last decade, equating to what we would call second gear. The Iran War threatens to put it into reverse.

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 1 May 2026

External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

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<ul><li>Slightly more confident in the case for no cuts from FedFed has been increasingly worried about the labour market, and with unemployment increasing to 4.6% late last year that seemed quite fair.</li><li>The latest signals from the labour market is painting a slightly different picture and also makes us slightly more confident in our view that we are not in for massive weakness ahead.</li><li>Unemployment from November last year was revised down to 4.5% and dropped to 4.4% for December.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Slightly more confident in the case for no cuts from FedFed has been increasingly worried about the labour market, and with unemployment increasing to 4.6% late last year that seemed quite fair.The latest signals from the labour market is painting a slightly different picture and also makes us slightly more confident in our view that we are not in for massive weakness ahead.Unemployment from November last year was revised down to 4.5% and dropped to 4.4% for December.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Macro & Markets forecast edition: New year, new opportunities for a weaker USD

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Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 1 May 2026

US Fed kept Fed Funds Rate stable at 3.5% to 3.75%. But more interesting was the fact that three of the Fed dissenters disagreed with the easing...

Dr. Jim Walker

Macro & Markets forecast edition: New year, new opportunities for a weaker USD

Slightly more confident in the case for no cuts from FedFed has been increasingly worried about the labour market, and with unemployment increasing...

Nordea

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