The Path Forward After the Tariff Shock
April 7, 2025 — Last week President Trump announced tariffs on nearly all US trading partners, a move that far exceeded the most pessimistic expectations of market participants. The substantial amount and the haphazard manner of the announcement caught markets off guard. While tariffs were anticipated due to presidential campaign rhetoric and Trump’s intense focus on addressing the US trade deficit, the actual announcements were more aggressive than anticipated and markets reacted accordingly.
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Fixed Income
Unpacking Uncertainty
March 31, 2025 -- In recent weeks, market volatility has surged, driven by uncertainty surrounding the growth picture and Washington's economic policy, particularly tariffs...
Fixed Income
Peering Under the Hood of Auto and Credit Card ABS: Insights into US Consumer Resilience
March 17, 2025 -- In previous Notes, we have explored asset-backed securities (ABS) backed by data centers and critical AI infrastructure. In this week’s edition, we shift...
Fixed Income
The US Consumer’s Economic Test
March 10, 2025 -- In the aftermath of the pandemic, the resilience of the US consumer has been a cornerstone of the economic recovery. Despite facing an unprecedented...