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
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
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
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
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
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
The Federal Reserve announced that it was raising the target range for the Fed funds rate by 75 basis points (bps) to 1.50%–1.75%. An apparent briefing to the financial press last week meant that this course of action was fully priced in by the rates market beforehand, despite just 50 bps being priced as recently […]
June 2022
Global inflation has been higher and more persistent than most economists anticipated. Some inflationary pressures related to the pandemic have started to show signs of easing, but new pressures related to Russia’s invasion of Ukraine and lockdowns associated with China’s “zero-COVID” policy create new challenges. At the same time, central banks have declared war on […]
May 2022