Tim Graf (TG): This is Street Signals, a weekly conversation about markets and macro brought to you by State Street Global Markets, the markets and financing division of State Street. I'm your host, Tim Graf, European head of macro strategy. Each week, we bring you the latest insights and thought leadership from our award-winning suite of research, as well as the current thinking from our strategists, our traders, our business leaders, and a wide array of external experts in the markets. If you listen to us and like what you're hearing, please do subscribe, leave us a good review, get in touch with us. It all helps us improve what we hope to bring to you. And with that, here's what's on our minds this week.

Last week, you heard from the macro strategy team with the themes and ideas to think about for the year ahead in markets. This week, we talked to two of our traders to get their perspective on what we learned from the year that's about to close, as well as what to look out for in 2025.

Bill Walsh, our head of trading in the Americas, is back with us to discuss G10 rates and FX. And Chris Wise, a senior EM FX trader, makes his debut appearance on the podcast to cover off emerging markets. So here we go.

So thanks for joining me, guys. This is, as I noted in the introduction, a little bit of a look back at 2024, but more importantly, a look ahead and to get the views of the trading desk, what you guys think. But before we do that, let's start with this past year. And I wanted to ask you both about some of the volatility events we had in 2024, particularly around elections. This was touted as the year of the election, and we had them all over the world.

Was there anything that stood out to you and really struck you as you traded around these events that was different than other years, or was it just kind of the same old election cycle?

Bill Walsh (BW): Yeah, I mean, not to go too big picture, but it just feels like people are angry and discontented and voting for change. You know, as we're seeing in the UK, it's going to be very hard for politicians to cut spending in that kind of environment. So even though it seems like markets are doing well, you can just feel the discontent.

You know, I think looking forward, that's going to be interesting to see if we do get bond vigilantes pushing back on some of these populist spending programs. So yeah, I think for me, that's the main takeaway. I didn't really see the Trump surge that happened. It seemed from our comfortable corner of the world up here in Massachusetts, everything seemed like it was going pretty well, but clearly the rest of the country feels otherwise.

And you know, I think that's echoing all around the world. We certainly had a lot of elections this year, but it just seems like the one theme is people are generally not happy, and inflation, you know, scars are still there, and people, you know, want to see a new regime and new ideas to deal with it.

TG: Yeah. Chris, what about in EM? We had the Mexican election, that was a huge event for markets over the summer, and the Indian election around the same time.

I mean, trading through that, what were some of the most difficult aspects that you found, and what were some of the things you may be picked up on or learned from those experiences?

Chris Wise (CW): In some respects, the EM elections were similar to DM, but also quite different in others. Bill had mentioned that in DM, you can see a lot of the scars from inflation, and you see a little bit of discontent around that. In EM, I think it's a little bit more varied. Where in places like Mexico, it was the ruling party, Morena, had a resounding win. They actually continued on a wave of strength. There wasn't that much discontent there, obviously.

There were other pockets where politicians are becoming less popular, a little bit of an upset in India with Modi not performing quite as well, and then pockets of discontent in other parts of the emerging world.

But I think by and large, a couple of takeaways from it are, one, I think polling is becoming more difficult. As much as that's true in DM, I think it's even more so the case in emerging markets, where it's very difficult to position and get these outcomes right ahead of time.

But then with that being said, I think when there's a chance for a significant sea change, when it's not just a one-off event that could have the potential to set up a multi-month or multi-year, 10 plus percent move in currencies or asset markets, you don't necessarily need to position massively ahead of time. You can wait, react, and then just position afterwards.

Mexico is a relatively good example of that, where day of the election or night of, and then the following day, you had a sizable move in the peso and in local asset markets. Then you've continued to see the follow-through since then, because as much as we tout the ability of markets to look ahead and price future scenarios, I think it's really, really difficult to fully price a future state on day one. I think very often it kind of kicks off a series of concentric circles that can be played for the next months to years.

And so I think that was one big takeaway that when you have these big watershed moments where you can get a potential change, as you had in Mexico and to a certain extent as you had in the developed world in the US, you can kind of hop on the back and maybe miss the first few percent and still pick up a good portion of the move after that. And so in scenarios like that, I think just playing it through vol and or jumping on the trend once it gets going I think can be decent strategies versus feeling like you need to massively position into an event where maybe polling isn't that reliable on stuff to get a great indication which way the coin flip is going to go into it.

TG: Do either of you have a sense of how much the theme of politics driving markets will carry over into next year? I mean, we've had the election of Trump just over a month ago in the US and the reverberations, I suspect, will be felt for a long time. But we also have elections coming up in Germany next year. We might have French elections at some point.

Do you think politics offers the same potential to upset markets next year as much as it did this year?

BW: Yeah, I mean, I think Trump 2.0 is what everybody's focused on right now. He seems a lot more organized this time around. I think he has the game plan and I expect him to execute the game plan. Now, the biggest question for me is the sequencing of what he wants to do as far as tariffs and immigration. Both of those are hugely inflationary and bad for growth.

But at the same time, Besant feels like sort of a common influence and the 333 plan doesn't really jive with the immigration and tariff plan. So it's going to be very interesting to me to see what the gap is between what was said during the election and what he'll actually be able to do. He has kind of a slim-ish majority, so I think he can get a lot of it done.

I just don't know how quickly the tax cuts, which everyone seems to be focused on as far as US exceptionalism and equity markets, how long that's going to take for that actually to happen, or if there'll be some pushback and disappointments.

TG: Chris, anything that you would flag coming up this year as far as politics and what that might mean for the markets you look at?

CW: I think Bill highlighted the big ones regarding the US and obviously it's going to have spillover to emerging markets. So when the US sneezes, everybody catches a cold and that phrase, I guess, doesn't exactly apply. Right now, we're not talking about a US recession in any way, shape or form, but obviously US policy, particularly around the trade policy, is going to have huge ramifications on EM. So I do think there's going to be continued spillover from that.

Of course, politics will be a significant, significant driver in the emerging world in 2025, less so about elections and more so about the actual policies come into fruition. And then on top of that, you do have places like Mexico, they're also still going to be dealing with the ramifications of the elections of the past year, how those policies come to fruition.

On top of that, some elections in other places like Chile. So I do think even though maybe it won't be coined the year of the election, like 2024 was, I think we are now in a new regime where politics are creating fatter tales for asset markets, where I think that's one region why you could see a pick up in volatility for the next year or so, would be that just because there's the range of outcomes around public policy, both coming out of the US and also in specific emerging market, seems like those range of outcomes have widened, the tales have gotten a little bit fatter. And so with that, I think you could see continued volatility driven really by politics and public policy.

TG: Actually, I wanted to have one last question or two questions really for each of you about the year that's just gone or that is almost gone. And I wanted to focus on the things you got right, the things you got wrong. So what for each of you kind of went according to plan?

What did you prepare well for, do well out of, trade well around? Bill, let’s start with you.

BW: Thinking back to last December, I think the market was looking for aggressive rate cuts and lower dollar. And I think for the first three months of the year, like everybody else, I kind of wrestled with that trade till we finally turned things around.

But that the yen intervention was probably the biggest mover of the year. And the after effects with the Mex carry trade and that, we did pretty well with that. I have a tradition of when I go on vacation, dollar yen has a huge move. So of course, I was on vacation for the second half of July. But the beginning of the month, we did well with that.

And then I think the move lower in the euro over the last six or seven weeks went very well. We saw some of that in our hedge ratios with increase in euro selling.

And now it kind of feels a little bit almost like the mirror image of last December where the markets very pulled up on the dollar, talk about maybe rate hikes second half of next year. So I'm a little more cautious on the long dollar trade right now. And then December is usually sort of a tactical month anyway, where you're reading a lot of research and trying to figure out what the consensus is.

TG: We'll come back to that dollar view in a moment. But what didn't go so well for you, Bill?

BW: I didn't see the American exceptionalism trade extending through certainly the first half of the year. A lot of people had difficulties with that. And then I would say also the volatility around August was sort of an eye-opener for a lot of desks. Clients were all one way. So that was kind of challenging to get out of those trades. But I probably didn't see this dollar move this year. You know, I was with everyone else thinking that we would probably have a slowdown at some point mid year.

TG: Yeah, and Chris, same questions for you. What went well? What didn't go so well for you this year?

CW: Yeah, I think one of the things that did go well was something we had already touched on to some extent. I would tend to be pretty LatAm focused just because those are the books that I'm primarily responsible for. Coming into this year, Mexico was a significant focus for me. And while I didn't come into this year, specifically saying it's going to be a poor year for Mexican assets, the Mexican pesos, I'm certain it's going to sell off.

There were two very big obvious catalysts on the calendar in the form of the Mexico election, the US election. And both I felt that to a certain extent, there wasn't enough risk premium priced into the peso. By our PPP measures, it had gotten to a pretty hefty overvaluation. CDS spreads were relatively compressed. So kind of across Mexican asset markets, there wasn't that much risk premium.

And so facing two potentially negative catalysts, I think that informed a lot of my trade around Mexico through May onward. And then again, around the Mexico election, I think it made some sense to have some protection and some options on going into it, because heading into the election, vol had been trading really around 10 or even had dipped a little bit below it going into the weeks and months leading into the election. So I think hedges were relatively cheap, vol was pretty cheap.

And then there was even a little bit of scope right after the election, essentially just read the results and interact relatively quickly. If you could see that, it would set up a decent move in the currency.

Aside from that, I think actually the resiliency of the US economy, while I tend to be more emerging markets focused, it obviously had a lot of ramifications for emerging markets (EM) and trading around US-China divergence can create a lot of trading in emerging markets. The strength in the US was actually one thing that I was to some extent looking out for.

That was in large part because I had been pretty burned by it in 2023, just in the sense that after the regional bank failures, I've turned relatively bearish on the US economy. There were signs of contraction in commercial credit and all sorts of things that made me think that, okay, we've probably hit the top in the US economy, hit the top in rates, and we might start to see a pretty fast slowdown. And obviously, it really didn't come to fruition in 2023. There are little hiccups there, but by and large, the US economy kept humming along in a decent clip.

And so coming into 2024, after the 100 basis point plus drop in tenure yields through Q4 of 2023, I was a little bit biased to think that maybe that kind of easing of financial conditions would put the US economy on actually decent footing in 2024.

TG: Was there anything in 2024 that you felt like you could have done a little bit better?

CW: Yeah, I think one big one, and again, if you look at the sort of high level macro, big driver, I think for top down EM trading is kind of the relative divergence between the US and China and relative policies between those two major poles. When there are signs of easing in China, maybe some signs of a stimulus coming out of there, I was a little bit too quick to think that it might be enough to at least change sentiment on Chinese assets for longer than it did.

Obviously, we had that balance in Chinese assets a couple of months ago, but I was expecting maybe that it would be a little bit more of a sentiment boost, particularly coming on the back of the Fed cuts. I thought that maybe China had been waiting for a good amount of time to ease to stimulate, but they had been waiting for the Fed to cut to take a little bit of pressure off of USD-CNH.

I was kind of predisposed to think that the Fed cuts had formed a runway for China stimulus, and so when that came through, I think I was a little bit too hasty to think that this could be a multi-month trend in China stimulating and Chinese assets and China linked assets across emerging markets are covering a little bit.

TG: All right. Well, enough of this year and the successes and failures of this year. Let's think about next year. And Bill, you mentioned you're reading a lot of research. This is the time where all the year ahead has come out. We put ours out last week. We had the podcast covering that last week.

But I wanted to start with you and, well, both of you really actually in getting your views on policy rates. And the big thing that I notice is that, at least in the G10 to start with, rate curves are being priced for policy rates in most economies to get to neutral, maybe slightly easy in some economies, but to actually remain tight relative to where neutral is perceived to be in the US and especially in the UK.

Bill, is that consistent with how you think things will play out? Do you think rate curves are accurately priced at this point, or would you argue for any maybe deviations?

BW: Well, this might touch on the trade from last year, too. I think our desk certainly thought that the UK rate curve would come in a lot lower than it did. And it just seems like the rate pricing in the UK curve is probably a little bit too optimistic. On the other hand, in the Eurozone, I can't see how anyone could get any more pessimistic. It just seems like everything is priced for an implosion of the German economy, which it certainly does not look good.

But geopolitical events could turn. One thing I'm thinking about is what does the fall of Assad in Syria mean for Russia and Ukraine? Does that make it easier for some sign of peace negotiation? I think that would be probably pretty positive for the Eurozone and risk in general.

The other thing I think is probably oil, looks like it's going to continue lower too. Maybe some of the fears about a global economic slowdown are a little bit overdone as well. Of course, the Chinese Politburo, Chris pointed out, we've been waiting for Godot for this big China stimulus to appear. Maybe they're waiting for Trump's to get into office and settle in, and then maybe they'll unveil something that'll pick up their economy because looking at returns from last year, it's clear commodity currencies got hurt the most.

There's a lot of pessimism priced into the global economy for good reason. But I think the surprise would be if we get some change on that front.

TG: You've both talked about the resilience of the US economy over the last couple of years, and American exceptionalism, that's come back as a theme. And we've now priced, we've got the Fed next week priced basically to cut rates. It's not fully priced, but close enough. And then we've got another, say, two and a bit cuts from the Fed priced for next year.

Do you think that's about right? Is the Fed basically at the halfway point right now and over the halfway point after they cut rates next week?

BW: Yeah, I do think, you know, r-star is probably higher than what it was before. It just feels like anecdotally everything you do now, the prices are not going to come down. It just feels like inflation is probably going to be stickier this time around. So yeah, I agree with the pricing.

It's hard to see how they're going to get that much more out of the curve unless, you know, we do see maybe the Trump tax plan get shelved and immigration and tariffs may be creating a global recession.

But that's not in my base case scenario. You know, I think, if anything, the US economy probably hangs in okay. I think things are priced pretty well. And unfortunately, that doesn't like give me any strong conviction on the dollar other than we're, we've been in sort of this 101, 107 range and 106.30 is kind of towards the top end with market, with positioning long dollars. So it's going to be hard for me to see how much more hawkish the Fed could be to get more upside to the dollar from here.

So I tend to think that if there's going to be, you know, any sentiment change, it would probably be for a lower dollar and maybe a slow down in the US economy. We'll have to see what happens with the Trump administration.

TG: Chris, where do you stand on this?

CW: I mean, as far as especially thinking about emerging markets, is the Fed in a position to pause or to signal a pause, I should say, at maybe the meeting after this one or maybe the second meeting after that? I'm thinking this possibility for signaling a pause sometime mid-year next year.

I think just taking a step back and looking at the US economy, I think it's almost in a state where it looks a little bit bifurcated, where agents in the US economy that can borrow at a fixed rate or borrow for a longer term are in relatively decent shape. Net interest expense for a lot of corporates has actually declined because they've started making more on their front-end cash. Then if you're able to borrow for five years plus or borrow at some five-year plus fixed rate, your expenses haven't actually gone up that much. And so I think for those, the impact of hikes has been relatively muted.

But then for anybody that's borrowing at a variable rate, they've certainly been feeling some of the pain. I have a feeling it's probably a lot of smaller businesses. And I think that's where you see the weakness coming through in the labor market.

So I think a lot of it in terms of the cutting cycle, it's just going to be down to cutting to a rate that allows small businesses to start borrowing again, start getting things going again, firm up the employment market a little bit, and then steepen out the curve to again, kind of open up the credit channel to smaller businesses.

TG: Chris, what about emerging market inflation? Because I'm thinking especially, say, six months ago, you had a lot of emerging markets priced to continue easing policy.

But especially somewhere like Brazil, they've had to kind of course correct now, and our hiking rates again, especially keeping in mind with what we're talking about with respect to the Fed, does that influence the policy cycle in emerging markets to a further degree such that more and more economies have to think about policy tightening? Or is inflation just really not the problem it once was and maybe won't be?

CW: As of right now, it's not the problem it once was. But I do think this is a kind of concerning area for emerging markets because if you look at a lot of the domestic economies across the emerging world, and particularly in Latin America, I think there's ample reason to continue cutting cycles. And the market's priced to do so.

So you have almost 200 basis points priced for cuts in Mexico. You have similar in Colombia, actually a little bit more in terms of cuts priced for Colombia. Chile's priced to continue easing and get towards the end of their easing cycle. You mentioned Brazil is a little bit of an outlier there. That's kind of the one big outlier across the emerging world for obvious fiscal woes.

But even across the CE3 and Asia, there's kind of room for continued easing. To me, that's mostly driven by domestic factories. Those economies are relatively weak. It does look like more easing is needed. Inflation has moderated in a lot of those places.

And frankly, in a lot of these places that have had super high real rates for the last few years, those real rates aren't sustainable fiscally. They can't finance themselves at that kind of rate forever. So for domestic factors, I do think there's ample reason to ease, but then where they could end up getting into trouble is if the US is not easing that rapidly. And then these emerging market central banks are forced to pause or reverse course for kind of bad reasons. If you have some kind of capital flight or currency weakness on the back of that policy divergence.

So that is one big area of concern for me in the emerging world, where it's almost the reverse of a few years ago, when coming out of COVID, these emerging economies are really at the forefront of the hiking process and got out ahead of it, hiked to very high rates, kept capital in their countries, and helped to bring inflation down. But now they're at a point where that's not sustainable anymore. The domestic economy is weakening, but we'll see if external factors allow them to continue easing as the market is pricing.

TG: Bill, you alluded to this in some of your comments earlier about the dollar, but I just wanted to go back to that a little bit. As I mentioned, we put out our year ahead last week. I don't think in, well, in 20 plus years of being a strategist, but also a few years of publishing our year ahead the way we do, which is kind of a mix of ideas, I don't think we've ever had as strong of a positive dollar bias. It does, I think, speak to the dollar breaking out of the range you talked about.

Do you think there is any chance in the coming year that the dollar breaks out of this range, has a trend movement with the better US data, or is it just a case of other places now being priced for absolute disaster, that the risk reward just isn't there?

BW: I think we're pretty well priced for everything going the right direction. But yeah, I mean, the Trump plans are very stimulative and inflationary. So in that scenario, I could definitely see the dollar breaking through the highs and picking up speed and creating problems specifically for emerging markets.

I just wonder if any of the checks and balances come into place that will slow that down. I'm reluctant to get bullish at the top of the range because we have been in sort of a range-bound market for the last few years. And December typically is the month where people start piling into trades that get unwound in January and February. I'm just a little bit cautious that that's what's happening here.

I can't imagine Trump's going to be super happy if the Fed does pivot aggressively hawkish and that starts to hurt equity markets. But no, I could see a situation where we get this inflationary surge in rates and the dollar.

TG: Okay. And actually, just one other question. We've talked a little bit about China stimulus. In developed markets and G10 currencies, the disappointment so far, I guess, has weighed on the likes of Aussie and Kiwi in particular.

Is there a value play there that you think is interesting over the long run, that maybe even if oil prices, as you mentioned, might not be headed higher, other commodity prices might stand to benefit from that?

BW: Yeah, I do think there's a situation where the China stimulus sort of picks up the rest of the global economy, while the US is stimulating as well. So yeah, I do think it's kind of hard to see Aussie going much below 60 cents. CAD, I think, on the other hand, I think it's very interesting that Trump sort of picked them as a target, and I think they're very vulnerable to tariffs. So yeah, I think China-related commodity currencies could do okay. I think US-related commodity currencies are going to struggle with the tariff.

He's really got them over a barrel, pun intended.

TG: Well, and Bill, last question for you, and I know it's an unfair one to finish on in such a short period of time, but the yen. We have dollar-yen at 151.68 today. It has, of course, had a huge range this year.

Do you have a view on the yen for next year at all?

BW: Yeah, I think they might wait in December for the rate hike, and I think we could see dollar-yen drift up to 155. I'm not so sure above 160 that we won't see a replay of last year. Their inflation numbers look good, and I do think that Japan could be a little bit more aggressive in the kind of environment that we're talking about.

US stimulating and China stimulating, we could see them normalize rates, and I think that would probably push dollar-yen down towards that 135 level. But that's probably me doing a volatility rain dance. More likely, it's probably a 143, 155 range in the medium term.

TG: Well, Chris, final questions are to you about EM, and I wanted to think about FX Carry as a trading strategy. It has worked at varying points over the last two years, until it hasn't, and I think we've talked about some of the events in the summer, particularly in Mexico, where that was where it started to unravel.

And with the yen as part of that as well, and some of the BOJ intervention that Bill talked about, do you think FX Carry is worth thinking about as a strategy for the new year?

CW: I think it has become much more different than it was over the previous few years. If you rewind a couple of years, a lot of these emerging markets had extremely high interest rates, very high, both nominal and real rates, that combined with in some areas a decent commodity boost, tightened up external balances to very, very healthy levels. You really, through those channels, dampen currency volatility and made Carry much, much more attractive.

Now, I think as a whole, Carry is less attractive going into next year, and also I think there's going to be more variation across FX Carry currencies. Domestic factors, both weakness in domestic economies and political pressure, are forcing a lot of these emerging markets to start to cut interest rates. So that necessarily brings the Carry down to lower levels, so you have less of a Carry cushion there. It's a little bit less attractive.

You also could potentially incite bond outflows if the interest rates get to levels that are no longer attractive for bond investors or incite fears of inflation down the line. And also you probably start to slowly worsen external balances a little bit if the rate cuts start to slowly stimulate domestic activity in your current account, your trade balance starts to, to widen out a little bit.

So kind of on three fronts there, the weakness in domestic and merchant market economies and the convergence of rates towards more neutral levels in those economies, particularly if the US doesn't have to cut that much or stays at higher rates relative to history makes Kerry much less attractive for the year ahead. So that's kind of a big concern for me, particularly with, as we talked about, the potential for a lot of political volatility this year and just a wider range of outcome.

So I think another piece of the political component is that when you just have the Fed hiking interest rates and using an extremely blunt instrument, it doesn't affect every emerging market evenly, but it does affect the full EM basket versus when you're talking more about trade policy and tariffs and that sort of thing, it necessarily affects economies much, much differently. The point is just there that tariffs, while it might be kind of a blunt instrument from the US perspective, from the EM perspective and the countries facing those tariffs, it's a much, much more nuanced factor that will drive a lot of EM relative performance.

TG: So which currency then, as a final question, are you more prone to play from the long side, taking all of that into account, whether it's tariffs, US monetary policy, domestic fundamentals within EM, what's the most attractive place for you?

CW: I think my bias would be to belong to Chile, the Chilean peso. Chile is near the end of their cutting cycle, so there isn't that much of an interest rate buffer, but you have much less easing in the pipeline than you do in other places. So in Chile, you're priced for something in the range of 50 to 75 basis points more in terms of cuts, whereas other places are really going to start to ramp up their easing cycles.

On top of that, it is actually a year of the election in Chile. And after having a left-wing administration for the last number of years, the midterm elections and local elections have started to swing back towards the center right over the last few years. And so, again, I think that could be a more market-friendly regime that comes in in 2025.

And then on top of all that, I think the external factors for Chile are a little bit more positive than other places. A big one that we just touched on is US policy and US trade policy. Chile, I think, is a little bit less impacted by that than other places, both in Asia and in other Latin American currencies, just because there's a lot less bilateral trade with the US, and actually Chile runs a small trade deficit with the US.

The big fly in the ointment there is it's linked to China and potential weakness coming out of China if there's a protracted trade war with the US because Chile does export a significant amount of copper to China. But one idea I have on this is that China might try to stimulate domestically to offset weakness in their external and their export sector if there is a trade war with the US. So again, maybe that's me hoping for more China stimulus and then we'll be delivered making the same mistake. But for the trade to work or for Chile to outperform other currencies, I don't necessarily think you need some sort of big bang China stimulus. I think you just need enough stimulus for them to try to offset their export sector weakness with a little bit of internal demand to try to go for sort of stability on aggregate, keep copper prices and keep demand for copper out of Chile at healthy enough levels for the pacer to perform reasonably well.

I think just one last point on that that could be important for the year ahead in EM is just the breakdown of correlations. I think when you have regime change like we might have had over the last few months with the new US administration, I think you need to be careful about following old correlations or things like Chile were typically very correlated to USD-CNH, or really all of EM had been relatively correlated to USD-CNH.

But again, if you get a lot more variation in trade policy, I think a lot of correlations might need to be thrown out the window. So I think that's one thing to pay very close attention to is if we've had a market regime shift, old correlations could be breaking down.

TG: It's a fantastic thought to finish on. Chris, thank you so much for that. Bill, thank you as well for your views. It was very comprehensive, guys. I think we covered just about everything between developed and emerging markets. There you go, folks. You have, I think, all of the views you could hope to get. Bill and Chris, thank you so much for your time.

BW: Tim, thanks for having us and all the best for the holidays and next year.

CW: Yeah. Thank you, Tim.

TG: Thanks for listening to this week's edition of Street Signals from the research team at State Street Global Markets. This podcast and all of our research can be found at our web portal Insights. There, you'll be able to find all of our latest thinking on macroeconomics and markets where we leverage our deep experience in research on investor behavior, inflation, risk and media sentiment. All of which goes into building an award-winning strategy product.

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