Surprising January monetary news
February 25, 2026
Global six-month real narrow money momentum is estimated to have rebounded from a sharp December fall to reach a new high in January.
Commentaries
Keeping investors informed on capital markets
Strategy Commentaries
Review each strategy’s performance and positioning during the quarter and near-term outlook. To view our latest commentaries please click the links below:
Quarterly Liquidity
Insights
Insights from our investment team on factors affecting recent market performance plus near-term outlook.
Money Moves Markets
Regular updates from Economist and Strategist Simon Ward on global monetary trends and their implications for economic and market prospects.
Insights
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Has the Fed’s easing window closed?
February 20, 2026
The historical Fed would be shifting to a tightening bias in response to recent economic news.
Tencent and AI gaming: Beneficiary or loser?
February 19, 2026
Investors question whether Tencent’s gaming dominance will persist in the face of AI disruption, while trade realignment creates both risks and opportunities for EM investors.
US deposit distortion confirmed
February 11, 2026
The Fed’s Public Affairs office has confirmed that a large rise in demand deposits in late 2025 reflected a reporting change.
Monetary tremors
February 6, 2026
Recent market turbulence could reflect an adverse shift in “excess” money conditions.
Fade the manufacturing bounce
February 3, 2026
An expected PMI pick-up is under way but money trends suggest another relapse from Q2.
Eurozone / UK money update: UK relative recovery
January 30, 2026
Eurozone and UK money trends have shown disappointingly small responses to policy easing.
US money update: mixed signals
January 28, 2026
US narrow money is growing slowly, casting doubt on expectations of economic strength.
Weaker monetary news
January 20, 2026
Early numbers suggest that global six-month real narrow money momentum fell back sharply in December.
US broad money update: low household cash ratio
January 16, 2026
The share of money holdings in household financial wealth is near the bottom of its range since the mid-2000s, with equity exposure at a post-WW2 record.
LatAm’s rightward political shift is fuelling a continent-wide bull market
January 13, 2026
Following years of economic pain brought about by loose fiscal policy under socialist leaders, a “blue wave” of fiscal conservatism is sweeping across the continent. More muscular regional foreign policy by the United States is likely to reinforce the trend.
A “monetarist” perspective on current equity markets
January 7, 2026
Global money trends appear modestly supportive but cyclical clouds are gathering.
International Equity Strategy Commentary
December 31, 2025
Strategy Commentary for Q1 2024 on the International Equity Strategy
Global Emerging Markets Equity Strategy Commentary
December 31, 2025
Strategy Commentary for Q1 2024 on the Global Emerging Markets Equity Strategy
Quarterly Liquidity Insight
December 31, 2025
Q1 2024 Quarterly Market Liquidity for Emerging Markets
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Jean-Philippe Lemay
Managing Director,
Head of Institutional Sales, Global
Eric Hasenauer
Senior Vice President,
Co-Head of Institutional Sales, USA
John Ricketts
Senior Vice President,
Co-Head of Institutional Sales, USA
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