In our humble view, a recession will guarantee a Trump presidency. Do the twelve members of the FOMC want that outcome on their conscience? We don’t think so. As such, investors should prepare to have a Fed that is behind the curve going forward.
This is not about trade. The West and Global South will not stop trading. Especially with each other. This is about where to store excess reserves. It used to be US Treasuries. That is now changing. This is also the reason that we are bullish on GOLD as a reserve asset.
While Energy stocks have outperformed recently, "the rout in alternative energy shares has accelerated."
Used EV values dropped 30% YoY as buyers realize they don’t want to buy replacement batteries
Mexican economy and Mexican Peso continues to be our top pick in North America. Mexico is the biggest beneficiary of US inflation reduction act in North America.
The above material is neither investment research, nor investment advice.
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