Blogs

US treasury yield and the USD, typically positively correlated, have diverged sharply since the tariff tantrum (announcement, pause, escalation with […]

The MPC cut repo rate by 25 bps to 6% and changed policy stance to ‘accommodative’, in an unequivocally dovish

RBI announced big new measures yesterday to shore up liquidity. These include INR 1 lakh crores of OMO purchases over

The obvious flaw in the perceived stability of any global macro template over the past few years has been this:

The MPC delivered a 25 bps cut as widely expected in an equally widely anticipated policy, since this was new

We have favored long duration government bond exposures for more than a year now in our actively managed bond and

Over the past few months, we have spoken about the need for constraint optimization from public macro policy. The constraint

We had recently discussed constraints (US exceptionalism, chiefly) and the need for their optimization (especially given the cumulative output gap

Backdrop The US exceptionalism narrative continues to go from strength to strength with Trump related expectations converging with continued strong

The Fed delivered a ‘hawkish’ cut yesterday, signaling that a phase of recalibration of rates was effectively over. The context