Many of the criticisms of the US Fed’s recent communications on monetary policy are, in our view, unfair. However, the difficulty that the media and markets have found in drawing clear conclusions...

The recent weakness in the pound against the US dollar has produced the usual flurry of headlines about an imminent sterling crisis. However, while the relative prospects for monetary policy in the US...

One notable development this year has been the poor showing of emerging market equities, which have significantly underperformed developed market equities despite the absence of a major financial or...

We think the US federal funds rate will have been raised to about 4% by the end of 2017. However, based on a decomposition of the Treasury yield curve, it looks like the bond market is more or less...