Insights

We introduce our Macro Regime Indicators (MRI), a framework for forecasting growth and inflation surprises in the US. The MRI on the economy shows no substantial mispricing in either growth or inflation over the next 12 months....

Fourth quarter US GDP growth clocked in at 1.4%, well below consensus expectations of 2.8%. We are not too troubled by the miss. The government shutdown weighed on the economy, with government spending subtracting 0.9 percentage points from growth. Real private final domestic demand – a clean measur...

Trump is saving face with new tariffs but will avoid any major new tariff shock until 2027. For now, Iran risk will overshadow tariff volatility....

The “Chuck Norris Premium” is now fully in the market. Since the miraculously successful nabbing of President Nicolas Maduro on January 3, the odds of subsequent use of military against Iran increased. ...

The neutral rate in the US is being propped up by a variety of forces that are at risk of reversing. These include the AI capex boom, large budget deficits, and the extraordinarily high level of household wealth. As such, interest rates are likely to surprise to the downside over the next few years....

Oil price risks remain skewed to the upside over the near term as geopolitical risks continue to dominate.Nevertheless, we ultimately expect bearish fundamentals to reassert themselves over a six-to-12-month timeframe and drive oil prices lower....

Tech has starkly underperformed other equity sectors and the tech-heavy US market has underperformed non-US markets, but global stocks are up and have comfortably outperformed bonds. This pattern of performances is likely to continue through the rest of 2026. Plus, two new tactical trades are: long ...

Go long LATAM ex. Brazil banks / short global bank stocks. Brazilian bank equities will underperform due to poor and worsening macro fundamentals. ...

For this screener report, we explore opportunities in laggards with earnings momentum, Japanese semiconductors and US rate-sensitive stocks....

We spent last week meeting investors in Switzerland. This Strategy Insight revisits the most prominent topics we discussed, including repatriation fears, SNB intervention, and Dutch pension reform....