Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cam Hui has been professionally involved in the financial markets since 1985 in a variety of roles, both as a quantitative equity portfolio manager and as a sell-side analyst. He graduated with a degree in Computer Science from the University of British Columbia in 1980 and obtained his CFA Charter in 1989.

Cross-Asset Strategist & Quantitative Analyst

Asian Credit Monitor: 2018 Portfolio Strategy, US Rate Trajectory, China Credit Gap

Asian Credit Monitor: Portfolio Strategy, Capital Flows, Asset Risk-Returns, US Interest Rates

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Thematic (Sector/Industry)

United states / Thematic (Sector/Industry)

The market breathed a sigh of relief last Thursday when Donald Trump announced that he was nominating Jerome Powell to be the next Chairman of the Federal Reserve. Powell is viewed as the centrist and status quo candidate. Unlike John Taylor, who was the other leading candidate, he is unlikely to take the Fed in a more radical direction on monetary policy.That said, there are a couple of key differences between how a Powell Fed might operate compared to the Yellen Fed that the market seems to be missing. We would advise investors to watch the FOMC, not just the Fed Chair, to evaluate the possible path of monetary policy:<ul><li>A shift in power: Jerome Powell is reputedly a consensus builder on monetary policy, and the market has given little attention to the likely composition of the FOMC in 2018 and beyond.</li><li>A more hawkish Fed: The voting rotation of regional Fed presidents in 2018 already guarantees a more hawkish shift. In addition, there are a possible five out of seven vacant positions on the Fed’s Board of Governors that Trump will be filling. The most likely candidates will be Republicans who tilt toward deregulation and rules-based approaches to monetary policy, which would be more hawkish than the Yellen Fed.</li></ul>

The market breathed a sigh of relief last Thursday when Donald Trump announced that he was nominating Jerome Powell to be the next Chairman of the Federal Reserve. Powell is viewed as the centrist and status quo candidate. Unlike John Taylor, who was the other leading candidate, he is unlikely to take the Fed in a more radical direction on monetary policy.That said, there are a couple of key differences between how a Powell Fed might operate compared to the Yellen Fed that the market seems to be missing. We would advise investors to watch the FOMC, not just the Fed Chair, to evaluate the possible path of monetary policy:A shift in power: Jerome Powell is reputedly a consensus builder on monetary policy, and the market has given little attention to the likely composition of the FOMC in 2018 and beyond.A more hawkish Fed: The voting rotation of regional Fed presidents in 2018 already guarantees a more hawkish shift. In addition, there are a possible five out of seven vacant positions on the Fed’s Board of Governors that Trump will be filling. The most likely candidates will be Republicans who tilt toward deregulation and rules-based approaches to monetary policy, which would be more hawkish than the Yellen Fed.

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