Asian Economist

Kok Peng Chan

Kok Peng has over three decades of experience covering the global economy and financial markets. He spent the bulk of his career in top global investment banks where he covered the Asian economies and stockmarkets. During this period, he travelled extensively to meet clients that cut across business lines. They include fund managers, hedge fund managers, private banking clients, corporates, and fixed income investors in the US, Europe, Japan, Singapore, Hong Kong and Australia. He is well liked by clients because of his commitment to a consistent framework and the ability to explain economic and financial developments with actionable investment recommendations. As a result he was ranked among top 3 economists in many surveys and polls conducted by financial magazines.

US: Inflation Edges Up, but Previous Policy Errors Must Be Atoned with Rate Cut Now

US: No More Rate Cuts Likely from the Powell Fed; More Dovish FOMC by Q2 2026

From Tariff Tantrum to Treasury Turbulence

Assessing Trump’s Shock and Awe Move in Apr 2025

Macroeconomics

<ul>
<li>The current neglect on the role played by money supply and the monetary base is, in our view a serious analytical gap</li>
<li>In a nutshell, we think private money growth - defined as M2 minus monetary base- is right now in a Goldilocks phase. This augurs well for US inflation</li>
<li>With the Fed inclined to ease rather than tighten, and with inflation shocks likely to prove one-off, risk assets remain supported</li>
</ul>


The current neglect on the role played by money supply and the monetary base is, in our view a serious analytical gap
In a nutshell, we think private money growth - defined as M2 minus monetary base- is right now in a Goldilocks phase. This augurs well for US inflation
With the Fed inclined to ease rather than tighten, and with inflation shocks likely to prove one-off, risk assets remain supported


A Monetary View on US Inflation