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The Swiss National Bank (SNB) cut its rate by another 25bp yesterday. The latest uptick in inflation didn’t bother the Swiss policymakers who considered that inflation remains in check in Switzerland. They preferred to give the economy – especially the Swiss exporter and families with mortgages – the additional support they needed. The market reaction […]

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21/02/2024

Gold Rises But Within a Downward Channel

Gold rallied for the fourth consecutive session to reach $2023, recovering almost all the losses suffered the week before on the back of the inflation report. Gold’s ability to rally suggests continued domestic demand, as some investors are clearly rushing to buy back any losses. At the same time, however, we note that since the […]
13/06/2024

Fed Review: We Still See Cuts Starting in September

The Fed maintained its monetary policy unchanged as widely anticipated. The ‘dots’ signalled delayed cuts, with median pencilling in only 1 reduction for 2024 (prev. 3) but 4 for both 2025 and 2026 (prev. 3). 2024 Core PCE forecast was adjusted to 2.8% (prev. 2.6%) while other forecasts were largely unchanged. UST yields retracted part […]
02/08/2024

Dollar Story a Nuanced One, UST Outperformance More Than Offset by Risk-off on Equity Markets

Markets And the summer slide continues. Core bond yields yesterday dropped another 2.7-10.8 bps in the US & 4.9-7.8 bps in Germany. The front outperformed after a series of US economic data disappointed across the board. Weekly jobless claims rose to the highest in 11 months, Q2 unit labor costs eased sharply to 0.9% and […]