January 16, 2020 The Phase-One US-China Trade Agreement: Cease-Fire, Not Peace Treaty by Eric Winograd The US and China formally signed a phase-one trade deal Wednesday after several months of negotiations. We see the deal as a near-term positive for markets—but it also leaves the thorniest issues between the two countries unresolved. China, Economics, Trade Wars Likes 0 SHARE Bookmarks
January 06, 2020 How Will Trade Wars and Populism Play Out? by Darren Williams, Guy Bruten Brexit, US–China trade tensions, elections around the world—these issues are linked to much deeper, longer running populist trends which aren’t going away any time soon. These and other populist concerns will contribute for some time to the slow-growth environment we’re in now. Brexit, Economics, Trade Wars Likes 0 SHARE Bookmarks
December 18, 2019 Three Possible Paths for Fed Interest Rate Policy in 2020 by Eric Winograd The US Fed held rates steady in December and plans to continue that stance through 2020. But a lot can happen to change the Fed’s mind—after all, it entered 2019 expecting to hike rates and ended up with three cuts. What does 2020 have in store? Economics, Late-Cycle Investing Likes 0 SHARE Bookmarks
December 10, 2019 Is Investing in Gold Worth Its Weight? by Vinod Chathlani Few assets have as much polarized debate and disagreement on their role as an investment than gold. “Gold bugs” tout its reliability as a store of value, while skeptics view gold as a “barbarous relic” whose value is driven primarily by sentiment and occasional mania. Alternatives, Asset Allocation, Economics, Inflation Likes 0 SHARE Bookmarks
December 09, 2019 What’s the Forecast for Fiscal Stimulus? by Darren Williams, Guy Bruten Monetary policy for many central banks is reaching the end of the road for effectiveness. Where and when might economic support shift from monetary policy to fiscal policy Economics, Fixed Income Likes 0 SHARE Bookmarks
November 13, 2019 Fed Next Steps: What’s Likely, What’s Not by Eric Winograd The Fed has signaled it is unlikely to cut interest rates again in December, but we expect further rate cuts next year. We believe the Fed has not yet done enough to protect the economy against headwinds. While we don’t forecast a US recession, we think additional monetary policy easing will be needed to stabilize growth. Economics Likes 0 SHARE Bookmarks
October 02, 2019 Is The Brexit End Game Finally In Sight? by Darren Williams The battle for Brexit has undermined traditional political affiliations and triggered changes in the UK’s constitutional order that could affect future governability. We may now be approaching the end game, though the outcome might not be the one markets are counting on. Brexit, Economics Likes 0 SHARE Bookmarks
September 27, 2019 The Fed is Cutting Rates. Will That Be Enough? by Eric Winograd The Fed cut rates again and indicated that one more cut should be enough to shore up growth. We think more will be needed. But will rate cuts work? And if not, what else can the Fed do? Economics, Late-Cycle Investing Likes 0 SHARE Bookmarks
September 16, 2019 The Fed Has More in Its Policy Tool Kit Than You Might Think by Eric Winograd With the global economy facing stronger headwinds, we’ve reduced our global growth and interest-rate expectations. But the US Federal Reserve has a variety of policy tools it could use—some unconventional—that we think will help the US economy hold up better than some of its peers. Economics Likes 0 SHARE Bookmarks
September 16, 2019 Evaluating Challenges to the Global Economic Outlook by Darren Williams The global economy faces its most challenging year in over a decade. Policymakers still have options, but can they use them effectively? Economics, Trade Wars Likes 0 SHARE Bookmarks
August 21, 2019 Are Distressed Small Banks Putting China’s Banking System at Risk? by Hua Cheng It’s been 20 years since a Chinese bank failed. But recent bailouts of three regional lenders have raised concerns about systemic problems in China’s financial sector. While risks have grown for China’s smaller banks, we believe that the Chinese banking system remains robust. China, Economics, Emerging Markets, Fixed Income Likes 0 SHARE Bookmarks
August 07, 2019 China’s Currency Weakness: Not as Bad as it Seems—Yet by Mo Ji China’s currency depreciated this week, with the exchange rate rising to more than 7.0 renminbi per US dollar, unnerving investors and markets worldwide. Here’s the good news: we don’t think the renminbi will continue to weaken at the same pace. China, Currency, Economics, Trade Wars Likes 0 SHARE Bookmarks
August 05, 2019 Is a New Front About to Open in the US-China Trade War? by Eric Winograd Financial markets are focused on the ongoing trade war between the US and China—which goods and services are in play and what measures are being taken or threatened in each case. But the trade conflict could spill over into currency markets—and that’s a risk that bears watching. China, Currency, Economics, Trade Wars Likes 0 SHARE Bookmarks