Emerging market (EM) currencies have remained under pressure this week, and we expect most to soften further against the dollar. But, with the exceptions of the Turkish lira and Argentine peso, the...

More than half of the 80bp rise in the 10-year Treasury yield since last September, to around 3.0% now, can be attributed to inflation compensation. The rest has been guided by a belief that the Fed...

We think that after the ECB has ended its asset purchases, bond yields will generally rise only slowly. The biggest increases are likely to come in the periphery, with Italy most at risk of a sharp...

The relationships between the dollar’s value against other “majors” and the gaps between expected interest rates in the US and those elsewhere appear to be re-establishing themselves. This has been...