Newsletter

After years of US market dominance, a remarkable shift is underway. Since the start of 2025, European equities have outpaced their American counterparts, raising the possibility that the era of "US exceptionalism" may be drawing to a close. Germany's DAX has surged over 14% year-to-date, while

JPMorgan Chase CEO Jamie Dimon has been a persistent voice warning of the risks of stagflation. In April last year, Dimon said “stagflation is on the list of possible things” that could happen to the US economy. He repeated the warning at an investment conference in September, saying that a

For years, the United States has enjoyed a period of economic "exceptionalism," consistently outperforming other major economies in terms of growth, job creation, and market returns. But that narrative is now being called into question, with recent market signals suggesting US exceptionalism may be facing its most significant

President Donald Trump's aggressive trade policy has thrown down the gauntlet, not just to America's trading partners, but also to the Federal Reserve. With a flurry of new tariffs, threats of more to come, and a clear desire for lower interest rates, Trump has created a

Gold is on a tear. The precious metal hit record highs this week and is already up 8% year-to-date. Initial forecasts from major banks and economists pointed to the possibility of gold breaking the USD 3,000/oz level amid escalating geopolitical tensions and strong central bank buying. Yet the

The battle lines were drawn quickly. Following the Federal Reserve’s decision to hold interest rates steady at their most recent policy meeting, Donald Trump took to his social media platform, Truth Social, to voice his displeasure, not just with the decision itself, but with the very institution in charge