It is hard to explain this week’s sharp drop in equity prices in terms of the incoming economic data. True, following the surge in the 10-year Treasury yield that began last week, the sell-off in...

Although the Fed’s rate hikes have so far been modest compared to previous tightening cycles, actual borrowing costs faced by households and firms have risen more markedly. That is a key reason why we...

A widespread US debt crisis is unlikely but, over the next few years, over-leverage in the non-financial corporate sector, particularly the oil & gas, utilities and telecoms industries, could trigger...

The recent strength of the economy appears to be pushing Fed officials in an increasingly hawkish direction. But the corresponding surge in market interest rates this week only reinforces our own view...