G10 Macro Rates: October Monthly Commentary

2 minutes read timeOctober was a quick reappraisal of the odds of recession. After the excitement of the Fed 50bps jumbo cut in September, the market duly factored in a series of them.

G10 Macro Rates: August Monthly Commentary

< 1 minute read timeThe nervous cracks appearing in the market at the end of July broke with a vengeance in the opening few days of August. The speed of moves in the VIX and USDJPY was startling to many and on par with some of the biggest in history.

G10 Macro Rates: July Monthly Commentary

< 1 minute read timeVolatility increased mid-July after a failed assassination attempt on Trump at a rally in Michigan, this accelerated the “Trump trades” of weaker USD and steeper curve.

G10 Macro Rates: June Monthly Commentary

2 minutes read timeJune may be remembered as a political storm, with a snap election called in France, result declared in India, full swing canvasing in the UK and ramping up in the US.

G10 Macro Rates: May Monthly Commentary

< 1 minute read timeApril started with a negative impulse provided by stern warnings from Powell and his Fed colleague Waller that rate cuts were looking much less likely.

G10 Macro Rates: April Monthly Commentary

< 1 minute read timeApril started with a negative impulse provided by stern warnings from Powell and his Fed colleague Waller that rate cuts were looking much less likely.

G10 Macro Rates: March Monthly Commentary

< 1 minute read timeMarch started with weaker data, ISM manufacturing and services both coming in lower than expectations especially the prices paid component, drawing the UST 10Yr bond yield down to a monthly low of 4.04%.