ECB—More Urgency to Act
■ Recent ECB commentary suggests that the Governing Council is very likely to end QE at its June meeting and… »
Why we still prefer stocks over bonds
·We recently cut risk, but stick with stocks over bonds for now. Equity prices now reflect much of the worsening… »
Global Rates Notes: May 2022 Refunding Recap
·Treasury announced across the curve cuts to nominal auction sizes in its May refunding announcement, surprising against our expectation for… »
Euro Area: Final April PMIs—Services Re-acceleration vs Slowing Manufacturing
BOTTOM LINE: The final Euro area composite PMI for April was unrevised from its flash estimate of 55.8, reflecting a… »
S&P Global Ratings Raises Oil And Gas Price Assumptions On Persistent Geopolitical And Supply Concerns
– S&P Global Ratings raised its Henry Hub and AECO natural gas price assumptions for the remainder of 2022 and… »
Russian gas stoppages stress EU’s political unity and economic outlook, accelerate Russian gas exit
The decision by Gazprom to halt gas supplies to Poland (A+/Negative) and Bulgaria (BBB+/Stable) after both countries refused to use Russia’s proposed mechanism for… »
Global Rates Notes: May 2022 Refunding Preview
We expect Treasury to announce a final round of nominal auctions size cuts, concentrated at longer maturity sectors, at its… »
The differentiated appeal of EM debt
We like emerging market (EM) local debt within an overall bond underweight. Much monetary tightening has been done, and valuations… »
Fed likely set for a 75bp hike and more balance sheet reduction
It’s hard not to fixate on comments from the Fed’s Bullard suggesting that a 75bp rate hike would not be… »
The Ukraine conflict is another inflationary shock for the world
Alas, it is settled. Inflation is not transitory. Its persistent uptick has serious implications for the global economy. The ongoing… »
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