Coverage across policy, fixed income, FX, and cross-asset management, focused on institutional positioning, sovereign risk, rates, currency markets, and the broader macro setting around markets.
Artificial intelligence may be a digital industry, but its rapid expansion is creating an increasingly physical problem: electricity. The data centers required to develop and operate AI systems consume enormous amounts of power, and the speed at which technology companies want to build them is beginning to test the infrastructure needed to supply it. Lawrence Berkeley National Laboratory estimates that data centers could account for 11.8% of total U.S. electricity consumption by 2030, with projections ranging from 9.5% to 15.3% depending partly on the pace and intensity of AI computing growth (Smith et al., 2026). For an electricity system that experienced relatively little demand growth for much of the previous two decades, the shift is significant.
The European Union's decision to phase out Russian gas imports marks one of its most consequential energy policy decisions since Russia's full-scale invasion of Ukraine.
Strategic industries and managing long-term competition (Washington Post, 2026). That shift signals a broader move away from the earlier era of globalization, where trade liberalization itself was viewed as a stabilizing force.
The capture of Nicolas Maduro, the former leader of Venezuela, by American Special Forces on January 3rd, 2026, is well-known.
The 2026 USMCA review is being framed as a routine procedural requirement, but it is increasingly becoming a test of North America’s economic competitiveness.
The current UK government’s energy policy is built around a rapid transition to a cleaner, more domestically produced energy system.
On August 19, 2026, Treasury Secretary Scott Bessent announced Treasury would at least double its buybacks of long-dated debt, aiming to push down yields, which have hit a roughly 20-year high. The idea is to ensure the government purchases its own outstanding debt from the market, which raises demand and, therefore, bond prices. This mechanically lowers the yield, which relies on the bond price; the higher the price, the lower the yield.
Since late 2025, El Niño has been an increasingly dominant force in global economic discussions.
Despite gold reaching a record high during the Iran crisis, its recent pullback despite steady inflation underscores how gold is more of a hedge against fears of inflation rather than a direct inflation hedge.
Japan spent decades trying to create inflation while fighting severe deflationary pressures. Now, it faces a fundamental dilemma, and as one of the world's largest creditors, global bond markets are beginning to feel it.
As of May 2026, Brazil's inflation-indexed government bonds, Notas do Tesouro Nacional – Série B (NTN-B), are offering some of the highest real yields in global fixed-income markets.
Roughly $254 billion in illicit outflows have left China in the four quarters through mid-2024, most of it moving through informal networks known as feiqian, or "flying money."
The Dollar Index has pushed back above 100 and reached roughly 101.7 this week, its highest level since early 2025 and its strongest run in more than a month.
USD/JPY printed 160.7 on the morning of April 30, breaking through a level that Japanese authorities had spent months treating as a political red line.
Following the start of the Iran-War, in March 2026, the global oil supply dropped by 10.1 million barrels per day, representing the greatest single disruption in the history of the oil market, greater than the combined impact of the 1973 Arab oil embargo and the 1979 Iranian Revolution. The inflationary effects were felt straight away. In March the CPI was 3.3%, a full percentage point higher than in February. By April it reached 3.8%, the highest since 2023, with inflation rising by 0.6% that month. In May it was 4.2%. The Dallas Federal Reserve carried out a scenario analysis, with the most optimistic case, where the strait reopens after just one quarter, would still lead to a 0.6 percentage point increase in U.S. headline inflation.
Bitcoin was supposed to be a hedge. Against Inflation, against currency debasement, and especially against the systemic fragility of traditional finance.