The weekly perspective reviews how shifting policy signals and uneven data are reshaping global macro expectations.
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In the US, the Fed held rates but growing dissent and labour-market softening strengthen the case for cuts later in 2026, even as Kevin Warsh’s nomination injects a more hawkish perception.
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Canada and Europe show steadier trajectories, with inflation easing and tentative growth stabilisation, while Japan’s yen volatility highlights fiscal politics rather than monetary urgency.
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Australia stands out as the near-term risk point, where markets price a hike despite signs that underlying inflation pressures are moderating.
How should investors navigate a world where policy direction matters less than timing and credibility? The full note unpacks the cross-currents shaping rates, currencies, and risk assets.
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