Insights

Our new Private Credit taxonomy adds granularity to the opaque lending universe and introduces Asset-Based Lending—attractive entry points, elevated risks. Private Real Estate delivers the largest upgrades from 2025, while Public REITs and Public Infrastructure present compelling opportunities that ...

Contrary to widespread narratives, there is little cash on the sidelines. The aggregate amount of investable funds-to-equity market cap ratio is at an all-time low in the US and very low in other developed markets....

The US is likely to take significant military action in Iran, justifying our 40% risk of a major oil shock. Tactically go long Brent crude....

The Fed will keep rates on hold in H1 2026, but dovish policy surprises are likely in the second half of the year....

Our first release of the China High-Frequency Indicators for 2026 suggests that economic growth will continue to decelerate in Q1, leading us to adopt a tactically cautious stance on Chinese equities....

Recession risks in the UK are clearly rising. In this Special Report, we unpack why labor market deterioration, falling wage growth, and normalizing inflation support deeper BoE cuts ahead. We then discuss how to position across gilts, the pound, and UK equities....

Checks and balances in the US political system are underrated. Social unrest and government shutdown will have fleeting market implications.  ...

The conventional wisdom attributes the fall in the yen and the rise in long-term JGB yields to growing fiscal concerns. This narrative, however, fails to explain why the Japanese stock market has risen by 29% in dollar terms since the start of 2025, outperforming the All Country World Index by 6%....

The dollar’s grip on global finance remains formidable, but the foundations are slowly shifting. Our new Dollar Dominance Indicator cuts through the noise, showing why USD usage stays sticky even as reserve demand erodes, and what this long transition means for FX and alternative reserve assets....

Recent economic data have been reasonably firm. We will cut our 12-month US recession probability to 40% from 50% if the Supreme Court strikes down President Trump’s tariffs. This would take our scenario-weighted year-end 2026 price target for the S&P 500 to 6375 from 6200....