The cyclical rebound in America should continue to surprise on the upside in terms of the pent-up demand potential, a view which has been boosted by the US$1.9t... Read More»
There has been a bit of a pullback in the cyclical trade with US energy stocks down 11.8% from their recent peak and US bank stocks down 3.5% (8.5% at the recen... Read More»
The Federal Reserve statement at the last FOMC meeting in March displayed no concern about the then 67bp rise in the 10-year Treasury bond yield since the previ... Read More»
One recommended trade here for global bond investors has been to sell US Treasury bonds, and indeed all G7 government bonds, and own Chinese government bonds in... Read More»
The past investment quarter has seen rotation into the cyclical value trade in world stock markets after fund managers finally started to shed favoured growth n... Read More»
The view here remains that the Big Tech stocks’ market capitalisation peaked as a percentage of the S&P500 at the peak level of 26.2% reached last September... Read More»
The benefit of the doubt continues to be given to the cyclical trade, which also continues to be confirmed by the continuing sell-off in the Treasury bond marke... Read More»
The US bond market sell-off has continued and with it the increased potential for an inflation scare.
Still, there is plenty of scope for bonds to sell off mo... Read More»
Inflation expectations remain the key variable to monitor.
The US 5-year 5-year forward inflation expectations rate and the 10-year breakeven inflation rate h... Read More»
Chris is internationally renowned for his weekly institutional research newsletter GREED & fear. He has correctly identified all major global financial bubbles over the last 3 decades (US sub-prime crisis, Nasdaq technology bubble, Asian financial crisis, and the Japanese financial meltdown). He’s also the author of three highly acclaimed books: Boom and Bust, The Bubble Economy, and The End of Japan Inc. Since May 2019, Chris has been Global Head of Equity Strategy at Jefferies.
