海外研报

Global Rates Notes: Sufficient Liquidity, Constrained Capacity

n Treasury repo rates remain broadly anchored, but more sustained pressure sincequarter-end suggests a shift in dynamics. n A range of factors point to pressure arising from constraints on capacity to

Cross Asset Strategy Spotlight on Inflation

The strong rally in markets during November and December 2023 was attributable to the emergence of the immaculate disinflation thesis. This

US MARKET INTELLIGENCE:MORNING BRIEFING

SPX +0.2%, NDX +0.4%,RTY -0.2%.WTl Obps at $82.85, NatGas +10bps to $2.04, UKNatGas +111bps to £0.7459, Gold +32bps to $2,467, Silver +73bps to $30.52,10Y @4.185%and VIX @ 14.44.

Relative value models and analysis

Mean Rvt Rank is based on an autocorrelation statistic on spline spreads over the past month. 100 means the spread is highly mean reverting relative to others, and vice versa.

Europe Economic Weekly Back to cuts when back to school

Weekly view: Time to watch cycling and the OlympicsWe end the week feeling more comfortable again that the ECB will deliver a September

Equity Strategy

SPW, an equal weighted S&P500 index, has stalled since March, and is behind SPX so far this year by more than 10%. We think this is reflecting a changing Growth-Policy narrative vs early 2024. Entering this year, investor expectations were for a

Weakened consensus on monetary policy

Participants' agreement about the outlook for monetary policyand the labor market diminished again in the June meeting.

European Morning Credit Today in European Credit

Bank of Ireland (BKIR): Fitch revised the outlook on Bank of Ireland to positive from stable, affirming the holdco’s rating at BBB+ (A3(+)/BBB elsewhere). The agency sees a

US Equities Weekly Rundown Positioning, Flows, and Observations Across the Floor

Prepared by Prime Brokerage. In evaluating this material, you should know that it could have been previously provided to other clients and/or internal Goldman Sachs personnel, who could have already acted

Summer Stalemates

A Surprise in France: We assessed market impacts after the French legislative electionsdelivered a hung Parliament, with the left coalition unexpectedly coming first, followed by the