The dollar holds a central place in global markets due to its role as the world’s reserve currency. Its movements influence cross-asset correlations, shape liquidity conditions, and often offer early indications of shifts in the broader macro r
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Hypothetical Scenario
Let’s develop a scenario to explain the importance of foreign exchange (FX) markets and specifically, the dominance of the U.S. dollar. Say, for example, Thailand, one of the world’s major rice exporte
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Productivity growth is the key mechanism that allows the U.S. economy to expand above its long ‑ run trend without reigniting inflation. Recent data show U.S. nonfarm business productivity rising 4.9% in Q3 2025, a surge strong enough to counter in
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Key Talking Points:
• The bad news is that recent revisions have been largely to the downside. The good news is investors have alternative data sources.
• Unemployment in August rose to 4.3% from 4.2% the previous month. Thi
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For decades, retirement savers had a fairly simple menu: stocks, bonds, and a few target date funds that combined the two in different proportions. Alternatives, such as hedge funds, private credit, and private equity, were not even an option unless
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As we mentioned in our recent Midyear 2025 Outlook: Pragmatic Optimism, Measured Expectations, we expect bond market action to continue to swing between concerns over slowing economic data (lower yields) and larger debt/deficit dynamics (higher yields
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GLP-1s (such as Ozempic and Wegovy) are revolutionary drugs that help patients control diabetes and lose weight by slowing the pace of digestion and increasing how full patients feel after eating. Despite GLP-1 manufacturers underperforming since mid
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July’s Consumer Price Index (CPI) report showed headline year-over-year inflation remained steady at 2.7%, below the anticipated level of 2.8%. Core inflation, which excludes more volatile food and energy prices, rose to 3.1% from a prior 2.9%,
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The U.S. Dollar Index (DXY) has rebounded over the last month following its worst first half since its inception in 1973. Progress on trade negotiations, a patient higher-for-longer Federal Reserve (Fed), better-than-expected economic data (up until
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Peak week for second quarter earnings season is well underway as nearly 40% of the S&P 500, measured by market capitalization, report quarterly results this week. While big tech and the Magnificent Seven will unequivocally remain in the earnings
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