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Thoughts from our investment professionals on the evolving state of global markets and the macro economy

May 12, 2022
Inflation Remains Elevated

The latest CPI print suggests that the Fed could continue on an aggressive tightening path.

The Consumer Price Index (CPI) rose more than forecasted in April on both a headline and core basis. On a headline basis, CPI rose 0.3% month-over-month and 8.3% year-over-year, while Core CPI (which excludes food and energy) rose 0.6% MoM and 6.2% YoY. Wednesday’s strong inflation print highlights persisting inflationary pressures that continue to weigh on households, and are likely to force the Federal Reserve to continue on its path of aggressive rate hikes to quell elevated levels of inflation.

May 05, 2022
The View From Shanghai

Reflections on the lockdowns and prospects for the A-shares market.

It has been a month since Shanghai entered into lockdowns due to the Omicron outbreak. Like many city residents, I’m currently confined in my home and unable to go out. The confinement has also provided an opportunity to share my views on the Chinese economy and A-shares market:

We are already seeing the impact of lockdowns on China GDP, which according to estimates may have been reduced by about 100 basis points—lowering 2022 consensus from 5.5% to 4.5%. Adding to the uncertainty is the trajectory of the pandemic: ...

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