Global View
April 6 Is the Only Date That Matters
Five Weekly Losses, a Broken Yen, and the Countdown to War or Peace
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Super Week Delivered. Nobody Blinked.
Five Central Banks Held, the Rotation Died, and Brent Hit $116
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When the Bombs Hit the Gas Fields
Gold’s $500 Crash, $119 Oil, and a Fed Frozen in Place
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The Great Rotation Meets $100 Oil
Small Caps Surge, Hormuz Stays Shut, and Seven Central Banks Walk Into a Bar
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The Fed Is Trapped
Oil, Iran, and a Jobs Number That Changes Everything
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Policy Volatility Meets Narrow Leadership: Markets Reprice Risk Without Credit Stress
A cooling but still-expanding growth backdrop is colliding with trade-policy shocks and AI-driven equity dispersion.
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No Collapse, No Cut Panic
Labor steadiness complicates the easing narrative even as inflation cools.
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Macro Crosscurrents: Resilience, Repricing, and a Rising Yen
Firm U.S. labor data met softer inflation, duration caught a bid, and Japan’s tightening impulse reshaped global FX dynamics.
Global View
Steady Hands, Shifting Sands
Key Highlights * Central banks are pausing in unison, but policy pivots remain conditional and uneven. * Labor markets are cooling just enough to sustain rate-cut expectations without confirming recession. * Equity leadership is rotating toward value, cyclicals, and smaller caps beneath stable index levels. * A weaker dollar, record gold prices, and
Global View
Rotation Underway Amid Resilience
Shifting Leadership in a Steady U.S. Backdrop
Global View
The Rally Grows Up
Key Highlights * U.S. inflation continues to cool without a sharp deterioration in labor markets, reinforcing expectations that the Federal Reserve will remain on hold near term.¹ * Equity leadership is widening meaningfully, with small- and mid-caps outperforming mega-cap technology and signaling healthier market breadth.² * Globally, disinflation is allowing
Global View
Global Euphoria: Records, Rotation, and the Limits of Optimism
The closing stretch of 2025 has been defined by record equity prices, broadening market participation, and an easing inflation backdrop that few anticipated a year ago. Central banks across developed markets have either paused or begun reversing tightening cycles, while investors have embraced a risk-on posture that has pushed