All That Glitters…

All That Glitters…

All That Glitters… John Leiper – Chief Investment Officer – 31st July 2020 In last week’s blog, This Time It’s Different (24 July 2020), I suggested the US dollar was on the cusp of crashing through its decade-long uptrend. This week the US dollar...
This Time It’s Different

This Time It’s Different

This Time It’s Different John Leiper – Chief Investment Officer – 24th July 2020 There are growing signs that the US dollar may finally roll over. The chart below shows the US dollar index, in white, and two associated lines in blue and purple, known as...
Commodities Move Higher

Commodities Move Higher

Commodities Move Higher John Leiper – Chief Investment Officer – 10th July 2020 The 10 year US Treasury yield has remained remarkably steady over the last few months, particularly as inflation expectations have gradually risen. This divergence may indicate...
The Powell Pivot 2.0

The Powell Pivot 2.0

The Powell Pivot 2.0 John Leiper – Head of Portfolio Management – 29th May 2020 In January 2019 Jerome Powell pivoted from a policy of interest rate increases and balance sheet cuts to interest rate cuts and, later that year, balance sheet expansion....
Don’t Fight The Fed

Don’t Fight The Fed

Don’t Fight The Fed John Leiper – Head of Portfolio Management – 26th May 2020 Over the last decade, the Fed has increasingly resorted to unconventional monetary policy, such as quantitative easing, or QE, to stimulate the economy. In short, QE is where...