Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Summary: After the sanctions on Friday underwhelmed, Western powers drew up a comprehensive list of sanctions at the weekend that look set to largely shut Russian access to the global financial system, though important details are not yet clear. Outside of an enormous drop in the Russian ruble, one that mobilized an enormous 1,150 bp rate hike to 20% by the Russian central bank, fallout across markets is quite muted. Today, we sort through the various market reactions and look at the implications of a historic speech by German Chancellor Scholz at the weekend, one that signals an entirely new stance on defense from Germany. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.
Listen to today’s podcast and have a look at today’s slide deck.
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