Macro The macro backdrop this week was defined by a widening gap between what markets were pricing and what the physical economy was still dealing with. U.S. activity remained resilient enough to support the expansion narrative, with initial jobless claims…
Macro Macro conditions continue to deteriorate at the margin, with the Iran conflict now clearly feeding through into growth, inflation and confidence channels. The IMF is set to downgrade its 2026 global growth forecast from 3.3%, reinforcing the shift from…
Macro Geopolitics dominated the macro narrative this week, with the Iran conflict driving both inflation expectations and cross-asset positioning and introducing extreme headline volatility. Market sentiment oscillated between early optimism around a potential de-escalation, driven by signals that the U.S.…
Macro The macro story this week was an energy shock colliding with a still-positive but clearly slowing U.S. economy. The Iran conflict remained the dominant driver of cross-asset pricing. Early hopes of de-escalation after Trump cited “productive” discussions and delayed…
Macro The FED maintained its policy rate target at 3.50–3.75% at the March meeting (2026-03-18), but the overall signal shifted marginally more hawkish. The decision passed 11–1, with one dissenter favouring a rate cut, while the broader communication emphasised a continued wait-and-see approach…
Macro Recent U.S. data continue to point to an economy that is still expanding, but with a more fragile and uneven growth profile emerging beneath the surface. Business surveys remain in expansion, with ISM services at 56.1 and manufacturing holding…
Macro Recent U.S. data continue to point to an overall resilient economy but are becoming increasingly uneven across sectors. Business surveys still indicate ongoing expansion, with ISM manufacturing at 50.7 in February and new orders rising to 55.8, while ISM…
Macro Recent U.S. data continue to suggest a gradually cooling but still resilient economy, though divergence across sectors and income groups is becoming more visible. ADP private payrolls increased by 63,000 in February, signalling continued, though moderate, labour market resilience.…
Macro The defining shift in the current macro regime is not the level of rates, but the change in the FED’s reaction function. At the January 27–28 meeting, the FOMC held the policy rate at 3.50%–3.75%. The tone, however, is…
Growth is holding, inflation is moderating, and the labour market remains resilient; yet the composition of the data continues to matter more than the headline figure. January CPI rose 0.2% month-on-month and 2.4% year-on-year, down from 2.7% previously. Core CPI…
