excelsior financial editorial – december 2022

What has happened to bonds? 2022 has been a difficult year for financial markets and especially for bonds. The asset class usually seen as a safe haven for investors is suffering only its second double digit decline since 1931 and marking a negative year for only the...

excelsior financial editorial – november 2022

Will there be a dovish pivot? After several weeks of declines, equity markets recovered some ground in October.  This happened despite the Federal Reserve confirming tighter monetary policy was needed and economic data coming in mixed.  On the other hand, company...

EXCELSIOR FINANCIAL EDITORIAL – OCTOBER 2022

“Lehman moment” avoided? Last week, the Bank of England took emergency action to avoid a meltdown in the UK pensions sector, unleashing a £65bn bond-buying programme to stem a crisis in government debt markets. It all started after the government announced a new tax...

EXCELSIOR FINANCIAL EDITORIAL – SEPTEMBER 2022

A new sovereign debt crisis? The strength of the dollar could lead to a sovereign debt crisis.  While the US dollar has been the one consistent winning trade of 2022, it could force several countries hit by economic hardship to default on their debt. As economic...

EXCELSIOR FINANCIAL EDITORIAL – AUGUST 2022

What defines a recession? July’s US GDP release started a confusing and curious debate about what a recession actually is. The -0.9% growth reading for Q2 would meet the generally accepted definition of a recession, or two consecutive quarters of negative GDP growth....