Paid-only – Satori Insights

Replay: From win-win to lose-lose

Full replay of 11 Apr webinar
It’s not just that tariffs are still not priced
The increasingly alarming price action in Treasuries and the $ threatens to take down other markets
Open to clients with Group Webinar or One-on-One subscriptions; Read-only clients have access to first section only

Full replay of 22 Jan webinar
The US economy is indeed exceptional
But the performance of its markets owes just as much to an extraordinary funnelling of fund flows
Dissecting the drivers of these flows sheds crucial light on the durability or otherwise of the risk rally
Open to clients with Group Webinar or One-on-One subscriptions; Read-only clients have access to first section only

Full replay of 16 Oct webinar
Markets’ aggressive pricing of a soft landing is matched only by central banks’ determination to provide it
Yet their dovishness masks a switch from rate tightening and balance sheet easing to rate easing and balance sheet tightening
The resultant uncertainty is largely reflected in rates – but leaves opportunities in other markets
Open to clients with Group Webinar or One-on-One subscriptions; Read-only clients have access to first section only

Full replay of 3 July webinar with Q&A
Even as the rally continues, it does so on ever more fragile foundations
The problem lies neither with the economy, nor with central banks being slow to lower rates, nor even with politics
It is that the liquidity which fuelled markets in H1 looks increasingly likely to be turned off
Open to clients with Group Webinar or One-on-One subscriptions, and to the press

Full replay of 2 May webinar with Q&A
The exuberance in risk assets is less a consequence of a stronger economy than a driver of it
The expectation of rate easing was never critical – which is why the exuberance has largely persisted even as yields have backed up
It is instead the direct consequence of investor crowding following easy central bank balance sheet policy – and vulnerable to any reduction in CB liquidity
Open to clients with Group Webinar or One-on-One subscriptions, and to the press

Full replay from 16 Jan webinar with Q&A
Why strategists struggled in 2023
A better way to think about markets
Implications for 2024
Open to clients with Group Webinar or One-on-One subscriptions, and to the press

Is the mini-correction in markets a foretaste of something bigger, or does the still-strong real economy give risk assets scope to bounce back?
Should investors be rotating out of equities and into bonds, or are the latter still vulnerable to buyers’ strikes against a backdrop of fiscal indiscipline?
Open to clients with Group Webinar or One-on-One subscriptions