Commodities Update Strategic reserves are no substitute for an open Strait A record-breaking release of emergency oil reserves could cushion a lack of supply from the Middle East and provide some relief to oil prices. However, this would prove temporary with prices likely to... 11th March 2026 · 4 mins read
Global Economics Update Revisiting the risks around private credit Private credit funds have attracted growing scrutiny amid falling valuations and its exposure to software companies. Under a severe default scenario, losses might amount to around 0.4% of US GDP. That... 11th March 2026 · 7 mins read
Global Economics Update Scenarios for the Iran war & the macro impact This note assesses the macro and commodity‑market implications of three potential scenarios for the Iran war. In the most benign – a severe but short‑lived conflict – the effects on GDP, inflation and... 10th March 2026 · 7 mins read
Commodities Update Modelling the scale of the energy market disruption This Update introduces our framework for estimating the scale of disruption to energy flows from events in the Middle East as well as three scenarios about how the conflict could play out from here... 9th March 2026 · 5 mins read
US Economics Update Higher oil prices not the only problem for the Fed The jump in oil prices comes at a time when other indicators of near-term inflationary pressures are also beginning to look a bit more concerning. Accordingly, even if oil prices fall back sooner... 5th March 2026 · 4 mins read
Global Economics Update The effects of surging energy prices on global growth and rates A prolonged conflict in the Middle East pushing oil to $90-100pb for a sustained period would be a significant headwind for the global economy. Importers such as the euro-zone would be hit hardest... 3rd March 2026 · 5 mins read
Global Economics Update The consequences of the Middle East conflict The global economic impact of conflict in the Middle East will hinge on its effect on energy markets. If oil stays near $70-$80 per barrel, DM inflation will be only about 0.2-0.3 percentage points... 2nd March 2026 · 8 mins read
Global Economics Update Questions & answers on the new US tariff regime The imposition of a 10% Section 122 tariff on all countries leaves the weighted-average US tariff rate about 3.5%-points lower than was the case under the IEEPA framework, although the difference will... 23rd February 2026 (Updated 24th February 2026) · 8 mins read
US Economics Update Will the AI buildout be inflationary or disinflationary? The evidence so far shows that the inflationary effects of stronger demand from the AI buildout remain narrow, whereas the disinflationary effects of stronger productivity growth already appear to be... 19th February 2026 · 5 mins read
US Economics Update A primer on the USMCA joint review We think the popularity of the trade agreement among domestic firms, the potential for backlash from an increasingly assertive Congress, and the likelihood of intervention by the Supreme Court should... 18th February 2026 · 7 mins read
US Economics Update AI already making a big contribution to productivity growth The further gains in GDP in the ICT industries in the third quarter, despite another fall in employment, is a clear sign to us that AI is boosting productivity. While other factors help to explain the... 5th February 2026 · 4 mins read
US Economics Update JOLTS challenges view that the jobs market has stabilised The large downside surprise in December job openings may concern Fed officials and suggest they were premature to remove language in last month’s policy statement emphasising elevated downside risks... 5th February 2026 · 3 mins read
US Economics Update Warsh's QT wouldn't enable US rate cuts The idea that the Fed could pave the way for much lower policy rates by shrinking its balance sheet is unconvincing. Balance sheet reduction is a blunt tool for tightening financial conditions, and... 2nd February 2026 · 4 mins read
US Economics Update Warsh a relatively safe choice President Trump’s nomination of Kevin Warsh to be the next Fed Chair is a relatively safe choice for investors, with Warsh’s prior hawkish views counteracting concerns he might morph into a full-blown... 30th January 2026 · 6 mins read
US Economics Update Larger tax refunds a windfall for households in H1 2026 Households’ annual tax refunds should be about $100bn larger this year, a windfall equivalent to 0.5% of annualised consumption. Although temporary, this boost gives us further reason to expect that... 29th January 2026 · 4 mins read
US Economics Update Fed sticks to loosening bias despite stronger activity data The change to the FOMC’s policy statement, acknowledging the recent solid pace of GDP growth and stabilisation in the unemployment rate, is another sign that the Fed is unlikely to cut interest rates... 28th January 2026 · 3 mins read
