Long & Short

With the path of monetary policy dependent on confidence – confidence that inflation is returning to target – we continue to argue that this is by default an asymmetric relationship…

Last week, we discussed the most recent data and commentary driving the DM monetary policy considerations and by extension the dominant macroeconomic sentiment and positioning – concentrated on the ECB and the Fed ahead of this week’s events.

In our last piece, before the Easter holiday period, we discussed the recent monetary evolution of a range of DM central banks and the critical nature of the Fed narrative against the noise and uncertainty about the interpolation or extrapolation of US growth and inflation trends.

Last week, we discussed our continued view that it is the growth/inflation tradeoff that remains the critical piece of the current macro puzzle and also…

Last week, we discussed the main events in the global macroeconomic space across fiscal (the UK Budget), monetary (the ECB meeting) and an update on the growth / inflation trade off in the US (the February employment report, or NFP).