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UK Reaction: One More Hike
• The Monetary Policy Committee (MPC) hiked Bank Rate by 25 basis points (bp) to 4.25% in line with our own and market expectations. • The MPC judged that t...
UK Reaction: Inflation heats up
• Consumer Price Index (CPI) inflation rose unexpectedly to 10.4% in February up from 10.1% in January, driven by increases in restaurant and food prices. Thi...
What the banking sector turmoil means for tech, monetary policy and investors
Key points: The banking crisis has highlighted some of the fragilities in the system and is likely to lead to a tightening of credit conditions Monetary policy...
Testing the Separation Principle
We think the drastic downward revision in central banks’ terminal rate is overdone The current banking turmoil could trigger a steep deterioration in activity...
Take Two: Banking sector turmoil muddies waters for Fed’s upcoming decision as ECB hikes again
What do you need to know? Confirmation that US inflation was continuing at a high pace offered a dilemma for markets seeking to anticipate the Federal Reserve�...
Rates risk reverb
Things have got real. Higher rates have triggered a banking crisis, provoking actions from policymakers, investors and bank deposit customers. It’s not a run...
UK Reaction: Budget sees Chancellor Hunt lay out considered growth strategy
• The Office for Budget Responsibility (OBR) no longer sees UK economy falling into recession. GDP outlook raised by 1.2 percentage points (ppt) and 0.5ppt in...
Banking sector controversy spooks markets
Key points Rising interest rates and increasing number of deposit withdrawals sees SVB fail The broader impact of SVB’s situation has several dependencies inc...
2023: The year of green, social and sustainability bonds? Three reasons to be optimistic
Key points The transition to net zero requires massive investment, bringing new potential opportunities for investors in green, social and sustainability bonds...
UK Reaction: Wages cool as job growth remains firm
• Unemployment rate was unchanged at 3.7% in January 2023, below consensus estimates of a rise to 3.8%. • Economic inactivity continued its decline but was...