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2024 Outlook: Currencies

We expect the US dollar and gold will more or less hold their values, given our economic expectation and the many geopolitical risks. We believe the yen will appreciate, and we expect the thawing crypto winter will fully transition to a spring. The US Dollar and Gold Should Hold Their Value in 2024 Sean Duffin, […]

December 2023

Key Central Bank Policy Rates Approach Cyclical Peak

Over the past two weeks, central banks in the United States, United Kingdom, euro area, and Japan have all held monetary policy meetings. The communications following these meetings retained a hawkish bias, suggesting further policy tightening may be necessary—except for the Bank of Japan (BOJ)—however, additional interest rate hikes will likely be much less frequent […]

September 2023

Do Recent Central Bank Meetings Alter Our US Dollar Outlook?

No, we expect that while the US dollar should decline from its current elevated level over the medium term, there are factors that will continue to provide it with support in the short term. If our expectations are met, later this year or early next year should be an opportune time to consider positioning portfolios […]

May 2023

Is the Crypto Winter Over?

No, it’s not over, but the worst of it is past us. After the liquid token market’s remarkable January, some called an early spring. To be sure, January’s returns were extraordinary, with bitcoin up 39%. However, token prices are only back to levels seen prior to FTX’s collapse in November and the industry is still […]

February 2023

2023 Outlook: Currencies

We expect the US dollar to remain firm but with limited appreciation relative to 2022, given our view that it is near the end of its incredible multi-year run. We believe gold’s performance will improve and digital assets, in general, will not surpass prior highs, many of which were set in 2021. 2023 Will Not […]

December 2022

Can the Strong US Dollar Environment Persist?

Yes. The hawkish Federal Reserve and energy market challenges have contributed to a strengthening of the US dollar in recent quarters, and we expect that trends in both factors may continue to be supportive of the dollar in the short term. Nonetheless, on a longer horizon, historical precedents suggest that the dollar is approaching the […]

September 2022

Video: Digital Assets for Pension Plan Sponsors

Pensions have lagged other institutional investors in the digital asset space and may be letting one of the most profound changes in the digital economy pass by. Hear from Joe Marenda, Head of Digital Assets at Cambridge Associates, on how blockchain technology could disrupt plan sponsors’ current portfolio investments and about its potential to generate […]

September 2022

Ethereum's Merge Is a Transformational Event, but Don't Expect Digital Assets Prices to Come Out of Their Slump

A major Ethereum blockchain software upgrade was successfully completed earlier today, marking a landmark event for the digital assets industry. The upgrade, known as the “merge,” changes how transactions are verified on Ethereum’s blockchain and dramatically improves its energy efficiency. While this is welcome news, we doubt this means the rout in digital assets prices […]

September 2022