The Macro Perspective

Rotation Not Capitluation

Yet again, folk are missing the point.

3 hrs ago • Michael Brown

August UK Jobs Report Provides False Reassurance

Another all-timer from the ONS this morning, where the headline data paints one picture, yet the details tell a very different story.

Oct 20 • Michael Brown

It’s Just Another Manic Monday

An odd stat, that I had to check three times as I didn’t quite believe it, that I came across today, is as follows.

Oct 19 • Michael Brown

A Perfect UK Fiscal Storm Is Brewing

The UK’s fiscal backdrop has not materially improved in recent months, yet the market’s perception of fiscal risk has diminished considerably, teeing up…

Oct 6 • Michael Brown

September 2026

The BoE Are Set To Be Bullied Into An Unnecessary Hike

There is little sign that the UK requires a tighter monetary policy stance.

Sep 25 • Michael Brown

Today’s Fed Hike Won’t Be The Last

Sooo…in a line, a hike, and the shortest presser ever!

Sep 16 • Michael Brown

Levels Look Scary, Rates Of Change Don’t

In the current US macro environment, every man and his dog seems to be descending into some sort of hysteria about the levels of key economic variables.

Sep 2 • Michael Brown

August 2026

US Treasury’s Intent Is Clear, Yet The ‘Hot Takes’ Keep On Coming

It may be a new week, but the ‘hot takes’ on efforts to tamp down long-end yields just won’t stop.

Aug 24 • Michael Brown

Bessent’s Buybacks - The Signal Is All That Matters

Once again, plenty who should know better are letting themselves down when it comes to US macro developments.

Aug 21 • Michael Brown

You’re Supposed To Be A Strategist - Not A Stenographer - Time To Act Like One

Almost a week on, and the collective sell side mental breakdown over Fed Chairman Warsh’s press conference last week continues.

Aug 4 • Michael Brown

June 2026

What's The Hedge?

Don’t worry, this isn’t a piece about gardening, and I’ve not morphed into Alan Titchmarsh over the weekend.

Jun 8 • Michael Brown

Japan Spent $75bln, To End Up Back Where They Started

It’s perhaps easiest to sum up the Japanese Ministry of Finance’s ‘modus operandi’ via the medium of a GIF, at this point:

Jun 4 • Michael Brown