Macro, FX and Rates Strategist

Ishaan Dev Kapoor

Four years' front-office markets sales: FX and rates sales at HSBC covering EM, then FX sales with rates strategy at CBA as Senior Associate. Combines deep understanding of markets , macro and geopolitics.

The Treasury Put, Financial Stability and the Road to Fiscal Dominance

Priced for a Japan That Has Not Existed Since 1991, Long the 30-Year JGB at 4.16%

Learnings from Two Short-Dollar Positions in an Oil Crisis

FX & Rates

<ul>
<li>The market prices the rupee as an oil proxy; data describes capital inflows. The RBI's swap facilities attracted $40.8bn in two months, fully covering net portfolio flight since late 2024.</li>
<li>Warsh held against ~35% hike pricing in July. The curve steepened, the 30-year hit 5.27%, and the USD fell — pricing out hawkishness or demanding term premium. Either way, dollar-negative.</li>
<li>Situational Awareness's forced liquidation likely marked the low for risk: the Nasdaq  is up 9% since, and copper never blinked. Bessent signals Hormuz reopens within days; Brent is below $80.</li>
</ul>


The market prices the rupee as an oil proxy; data describes capital inflows. The RBI's swap facilities attracted $40.8bn in two months, fully covering net portfolio flight since late 2024.
Warsh held against ~35% hike pricing in July. The curve steepened, the 30-year hit 5.27%, and the USD fell — pricing out hawkishness or demanding term premium. Either way, dollar-negative.
Situational Awareness's forced liquidation likely marked the low for risk: the Nasdaq  is up 9% since, and copper never blinked. Bessent signals Hormuz reopens within days; Brent is below $80.


Priced in Barrels, But Bringing in Billions- Short USD/INR into the FCNR Window