Yen, Rates and Capital Flows: The View from Tokyo

Japanese life insurers manage one of the largest pools of foreign savings in the world, and their decisions about where to put it and whether to hedge it ripple through global bond markets and the yen. With domestic rates normalising, the story of persistent yen weakness may be starting to change. …

The AI Quotient: Using Machines To Make Better Decisions

Nearly four years after the release of the first widely available large language models, the investing implications of artificial intelligence have so far been clear: it has been a very good idea to be long the AI factor. But we are no closer to understanding just how powerful artificial intelligen…

Bytes, Bonds and the Yen: The Big Picture In FX

It's easy to get side-tracked by the day-to-day minutiae of markets, and taking a step back to get the bigger picture is often a good idea. Chris Pizzotti, Global Head of FX Sales and Trading at State Street Markets, is an ideal person to have just such a conversation. This week, we get Chris’ thou…

There's Something About Carry

FX carry trades - earning the yield spread available between two typically risky and safe currencies - is a long-standing theme in markets, which has also enjoyed excellent risk-adjusted returns over the last year. But with rate markets becoming more disruptive, are these strategies at risk? This w…

Does AI Need To Break To Contain Inflation?

Last week's strong US CPI data left a Fed rate hike this week a foregone conclusion and likely inaugurates at least a modest hiking cycle. Inflation pressures are broad and not strictly energy-related, arguing for tighter policy globally. But does one key source of inflation, the AI build-out, need…

Yen In Black

After years of the market anticipating strength in the Japanese yen, it might finally be here. Aided by official Japanese intervention in the currency and hints of collaboration with the United States, a correction of the JPY’s long-standing perceived undervaluation would make for one of the most m…

Understanding the Rate Market Turmoil

Almost no matter where you look, bond yields are making new multi-decade highs, with concerns growing that rising debt servicing costs in high debt economies risk a snow-balling effect that culminates in a fiscal crisis. As if that weren’t enough, risk markets, particularly equities and credit, sti…

Jackson Hole 2026: Questions of Clarity and Credibility

August often brings important messaging shifts from the Federal Reserve, with their Jackson Hole Symposium, scheduled for 28-29 August, the usual forum. And we often speak to Marvin Loh, Senior Macro Strategist on our Americas team, about it. Unique circumstances might limit headline risk this year…

Cross-Market Signals for the Summer

As markets enter vacation mode, this week's podcast presents our annual summer overview of the proprietary indicators available from State Street Markets and how they map to the most relevant themes driving assets and currencies. The sustainability of the tech trade in equities, the near-term path …

Marvin Barth: US Productivity, From Greenspan to Warsh

The passing of Alan Greenspan last month and confirmation of Kevin Warsh as Federal Reserve Chairman in May bookend two booms is US productivity: the mass networking of computing power during the Greenspan Fed of the 1990s and the explosion of inferential applications of computing power today. Thes…