05/10/2026 Major Markets Letter #44 : No Rescue in Sight
28/09/2026 Major Markets Letter #43 : Curves, Spreads and Late-Cycle Transitions
21/09/2026 Major Markets Letter #42: Losing the Core
07/09/2026 Major Markets Letter #41: Squeezing the Bond Market
07/09/2026 Major Markets Letter #40: The Simple Beauty of Bonds
31/08/2026 Major Markets Letter #39: Rate Expectations, Not Fiscal Reckoning
24/08/2026 Major Markets Letter #38: Playing the Inflation Gap
17/08/2026 Major Markets Letter #37: The Weight of the World
10/08/2026 Major Markets Letter #36: Burgers, FX, and Intervention
03/08/2026 Major Markets Letter #35: Revealed Preferences and the Yield Curve
27/07/2026 Major Markets Letter #34: A Simple Lesson About Risk
20/07/2026 Major Markets Letter #33: EM Carry Trades
13/07/2026 Major Markets Letter #32: Japan’s Swing Factor
06/07/2026 Major Markets Letter #31: The Real Yield Illusion
29/06/2026 Major Markets Letter #30: The Penalty Stutter
22/06/2026 Major Markets Letter #29: The yen trap
15/06/2026 Major Markets Letter #28: Plumbing Over Politics - The Drivers of Swap Spread Compression
08/06/2026 Major Markets Letter #27: Monetary Shock-Absorbers
01/06/2026 Major Markets Letter #26: The Warsh Tightrope
26/05/2026 Major Markets Letter #25: The Gravity of Yield
19/05/2026 Major Markets Letter #24: Yield curves in Stagflation
11/05/2026 Major Markets Letter #23: UK gilts in a perfect storm
05/05/2026 Major Markets Letters #22: EM Sovereign Resilience
27/04/2026 Major Markets Letters #21: The Real Yield Divergence
21/04/2026 Major Markets Letter #20: Shades of Punk
13/04/2026 Major Markets Letter #19: Something Odd About the Real Yield
07/04/2026 Major Markets Letter #18: Betting on the Gap
30/03/2026 Major Markets Letter #17: Mad as a March Hare
23/03/2026 Major Markets Letter #16: From Doves to Hawks
16/03/2026 Major Markets Letter #15: Front-Ends For Value
10/03/2026 Major Markets Letter #14: Spectre of stagflation
02/03/2026 Major Markets Letter #13: Geopolitical Barometer
23/02/2026 Major Markets Letter #12: US Treasury Paradox: Why yields are defying the deficit
16/02/2026 Major Markets Letter #11: The Oil-Bond Nexus
09/02/2026 Major Markets Letter #10: The Bond Market’s “Wait and See”
02/02/2026 Major Markets Letter #9: BTPs - Let's not tempt the Gods
26/01/2026 Major Markets Letter #8: Volatility, the Overton window, and the illusion of stability
20/01/2026 Major Markets Letter #7: Reaction vs response
16/01/2026 Major Markets Letter #6: The case for the UK
12/01/2026 Major Markets Letter #5: Reverse lunch & the January effect
06/01/2026 Major Markets Letter #4: Testing US Treasury safe haven status
17/12/2026 Major Markets Letter #3: A tale of two curves: The US and Europe diverge