The UK Budget Speech dominated last week’s financial headlines. Yet, given Jeremy Hunt’s fiscal constraints and the proximity of an unwinnable election, it was more about setting traps for the…
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Liquidity fuels markets, and globally, the US dollar remains pre-eminent. This year as bond yields and the dollar rose, dollar liquidity has declined. Stubborn inflation and robust GDP data led…
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The missing recession of 2023 remains unaccounted for. For some, it has already been and gone, while others await its full impact. Economic performance has varied significantly by geography, with…
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2023 was a different year than most investors expected. A year ago, financial markets were priced for a recession, which didn’t arrive, at least not in the US. Meanwhile, China’s…
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In November 2008, eight weeks after the collapse of Lehman Brothers, markets were in freefall; the UK stock market was down 35% over the previous 12 months, and London inter-bank…
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