Global Macro Strategy (“GMS”)
Rates, inflation, commodities, currencies and the policy decisions that reprice them, read from the published series rather than the commentary around them.
The Real Rate
The Committee has moved a quarter point this year. The five-year has moved four times as far, and almost none of it is about inflation.
The Byproduct
A quarter of Lower 48 gas supply is drilled for oil, not for gas.
The Repricing
What the federal interest bill responds to, and what it does not.
Markets & Thematic Research (“M&TR”)
Industry themes and market structure, from AI infrastructure and power demand to memory, shipping and freight. Where a theme binds, and what relieving it costs.
Company Research (“CR”)
Individual companies read through their own filings: results, operating trends, disclosure and competitive position.