RALLY: Gold is having a moment in the sun. Up strongly this year and near its $2,070 all-time multi millennial high, after a disappointing 2022. The rally has been driven by a...

EAST: European currencies have been both some of the world's strongest, and weakest this year. Eastern Europe has led the way, with the Hungarian Forint (HUF) surging 10% vs the...

SENTIMENT: The reversal rally this year by the 2022 losers has been painful for most investors who have stayed cautious. Our composite sentiment index is below average and a...

PAIN: Small cap stocks are uniquely exposed to the faster economic growth slowdown that we see coming. As well as the less small and mid-size bank lending as deposit outflows...

VIEW: The March US banking ‘scare’ may seem to be mostly behind us. But many of the macro consequences remain, and history reminds these can be big and global. The $17.3 trillion...

PRICES: US inflation is still the most important number in markets. It drives everything from the Fed outlook to recession risks. The Fed’s NOWCast for today’s March report see’s...

BRENT: Oil is the world’s most traded commodity, and Brent is the pricing benchmark for an estimated three-quarters of this trade. It includes over 600 related oil products and is...

CRE: Commercial real estate (CRE) is being fingered as the next economic shoe to drop, after the recent banking scare. It's a $20 trillion asset class in the US alone, and small...

EASTER: Our ‘Easter egg’ index of commodity prices used to make (cocoa, sugar, milk) and package (aluminum, wood pulp) Easter eggs has risen this year. It has been led by...

RALLY: Six months is a long time in FX markets. EUR/USD slumped below parity in mid-2022 and troughed at 0.95 late in Q3. Europe’s recession risks were spiking and the US interest...