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Central Banks: BoE, ECB, BoJ – One cut, one hold, one hike Last Thursday, three major central banks delivered policy decisions. The Bank of England cut rates by 25 basis points as widely expected, although the vote split (5-4) was closer than anticipated. This prompted a modest sell-off of front-end rates, with market repricing a […]
United States – Fed Focus Shifts to Labour… and Liquidity Last week, the Federal Reserve delivered a widely expected 25 basis point cut, but markets focused on the clear dovish tone. Terminal rate expectations moved a few basis points lower as the Fed struck a more accommodative stance, explicitly flagging labour market weakness. The more […]
Despite continued political and macro uncertainty in 2025, the core thesis on financials has been validated in both Europe and the U.S. European banks delivered another strong year, with valuations re-rating from ~7x to ~9x earnings while earnings momentum stayed positive and 2027 estimates rose about 20%. Improvements were broad-based, helped by better-than-feared margins as […]
United States – One more cut while waiting for the new Chair This Wednesday the Fed is set to cut rates by 25 basis points. With terminal rates priced around 3% and the announcement of a new Chair still pending, markets will closely watch the dot plot and projections to assess how split the FOMC […]
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