Swiss inflation edged up in December but remained close to zero and we think it will remain around that level this year. While the SNB left its policy rate at zero in December, we think policymakers...

The continued fall in the ISM Services prices paid index is consistent with “supercore” PCE inflation remaining elevated over the next few months, but heading back down in the right direction...

We think investors will be surprised by how far inflation, interest rates and gilt yields fall this year. That said, these forecasts could be knocked off course should fiscal policy not be tightened...

The latest data suggest that the global economy lost some momentum in Q4. Industrial activity appears to be softening, while global trade – which has held up well despite US tariffs – fell in October...