The Great Tug of War Between Investors and Central Banks

In recent weeks, inflation expectations have been quite polarized between markets and central banks. Whether this will remain the case is up in the air, however there are some indications that some central banks are getting the message.


New CDC Guidance a Big Boost for Travel

An all-clear for vaccinated travel from the CDC will open the floodgates for the 2021 travel season. Americans are already ramping up their planning in response. 


Please Stop the Debate Over the Fed’s Credibility

The Federal Reserve remains committed to their AIT framework and employment mandate. Official communications strongly suggest even mildly hawkish rhetoric will not arrive until December 2021 at the earliest.


US Manufacturing on Fire, Inventories Crashing

US manufacturing data continues to surpass expectations but sharply declining inventories look set to trigger a new wave of supply chain concerns. Global manufacturing momentum remains a tailwind for the US.