In the last year, Bitcoin has set itself apart from other risk assets, showing that it is in a league of itsThe Pragmatic Investor covers global macro, international equities, commodities, tech and cryptocurrencies and is designed to guide investors of all levels in their journey. Features include a The Pragmatic Investor Portfolio, weekly market update newsletter, actionable trades, technical analysis, and a chat room. Learn moreJames Foord is an economist by trade and has been analyzing global markets for ...

Group 1 - The Pragmatic Investor focuses on global macro, international equities, commodities, tech, and cryptocurrencies, aiming to guide investors of all levels [1] - The platform offers features such as a portfolio, weekly market updates, actionable trades, technical analysis, and a chat room for investor engagement [1] - James Foord, an economist with a decade of experience in global market analysis, leads The Pragmatic Investor, emphasizing the creation of diversified portfolios to preserve and grow wealth [1]

Group 1 - The Pragmatic Investor focuses on global macro, international equities, commodities, tech, and cryptocurrencies, aiming to guide investors in their investment journey [1] - The platform offers features such as a portfolio, weekly market updates, actionable trades, technical analysis, and a chat room for investor engagement [1] - James Foord, an economist with a decade of experience in global market analysis, leads The Pragmatic Investor, emphasizing the creation of diversified portfolios to preserve and grow wealth [1]

Group 1 - The article highlights the increasing complexity and uncertainty in the global macroeconomic environment, which has been a recurring theme in discussions throughout the year [1] - iREIT on Alpha offers in-depth research on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and other income alternatives, emphasizing the value of their research services [1] Group 2 - The article does not provide specific company or industry insights, focusing instead on the general investment landscape and the services offered by iREIT on Alpha [2][3]

However, I believe OSCR is a company that has true potential, and even after this massive rally, the stock is stillThe Pragmatic Investor covers global macro, international equities, commodities, tech and cryptocurrencies and is designed to guide investors of all levels in their journey. Features include a The Pragmatic Investor Portfolio, weekly market update newsletter, actionable trades, technical analysis, and a chat room. Learn moreJames Foord is an economist by trade and has been analyzing global mark ...

The Pragmatic Investor covers global macro, international equities, commodities, tech and cryptocurrencies and is designed to guide investors of all levels in their journey. Features include a The Pragmatic Investor Portfolio, weekly market update newsletter, actionable trades, technical analysis, and a chat room. Learn moreJames Foord is an economist by trade and has been analyzing global markets for the past decade. He leads the investing group The Pragmatic Investor where the focus is on building robust ...

June 16, 2025 11:41 AM GMT Global Macro Strategist Consensus Views Not Always Sizeable Consensus Positions Feedback from our mid-year outlook suggests our directional views are commonplace among strategists and investors alike. In response, investors have taken a cautious approach to implementing them – sowing the seeds for disappointment as USD declines and the UST curve steepens further. Key Takeaways Please add me to your distribution list. Must reads from Global Macro Strategy G10 FX Strategy: USD Weakn ...

Group 1 - The article discusses the valuation of Google's Search business as a separate entity, suggesting it may be undervalued compared to the rest of the company [1] - The Pragmatic Investor focuses on global macro trends, international equities, commodities, technology, and cryptocurrencies, aiming to guide investors in building diversified portfolios [1] - James Foord, an economist with a decade of experience in global market analysis, leads The Pragmatic Investor, emphasizing wealth preservation and growth [1]

Investment Rating - The report indicates a dovish outlook for G10 policy rates through 2026, suggesting a significant decline in rates, particularly in the US, where 10-year Treasury yields are expected to reach 4.00% by the end of 2025 and just above 3.00% by the end of 2026 [6][27]. Core Insights - The report emphasizes that the US dollar is expected to weaken significantly, with the DXY forecasted to fall an additional 9% over the next 12 months to 91, driven by a convergence in US rates and growth to peers, alongside increased FX hedging flows [6][69]. - The report outlines a bearish outlook for global growth, particularly in the US, where real GDP growth is projected to decline from 2.5% in 2024 to 1.0% in both 2025 and 2026, influenced by tariffs and immigration restrictions [15][23]. - Inflation is expected to moderate globally, with core PCE in the US forecasted to reach 4.5% before declining, while the euro area is projected to undershoot the ECB's inflation target due to sluggish growth [23][34]. Interest Rate Strategy - In the US, Treasury yields are expected to range trade through 3Q25 before declining, with a forecast of 10-year yields at 4.00% by the end of 2025 and a larger decline in 2026 as the Fed is anticipated to cut rates by 175 basis points [3][27]. - The euro area is projected to see the 10-year Bund yield fall to 2.40% by 4Q25 and 2.20% by 4Q26, influenced by more ECB easing than currently priced in [3][35]. - In the UK, 10-year gilt yields are expected to end 2025 at 4.35% and 2026 at 3.80%, with the Bank Rate projected to decline further due to a slowdown in economic activity [41][43]. Currency & Foreign Exchange - The report forecasts continued weakness in the USD, with significant declines against safe-haven currencies such as EUR, JPY, and CHF, as the DXY is expected to fall to 91 by mid-2026 [8][69]. - Specific currency pairs are projected to move as follows: EUR/USD to rise to 1.25, GBP/USD to 1.45, and AUD/USD to 0.69 by mid-2026, reflecting various economic factors [8][69]. Inflation-Linked Bonds - In the US, breakevens are expected to remain elevated until 3Q25 due to tariff-induced inflation, with a tightening forecast around 2Q26 as inflationary pressures begin to cool [9]. Sovereign Supply Outlook - The report anticipates a decrease in net coupon bond supply across the G7, amounting to US$2.72 trillion in 2025, down 5% year-over-year, influenced by fiscal policy uncertainties [53][62].

Today's the launch day for my new book, How Countries Go Broke: The Big Cycle. I want to pass it along, particularly now because this is a critical time. Um, over the last 50 years or so, I've been a global macro investor, and I've made a lot of money making bets and finding the indicators of debt problems.And now I'm at a stage in my life that I really want to pass along these indicators both for policy makers and for individuals in order to try to deal with these situations. Well, this is a big situation. ...