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My view on what's going on in the financial markets and the global economy, and a few other things that might interest me from time to time.

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Week ended June 20, 2025: Fed sits tight
None of the three major central banks that had monetary policy meetings this week – including the Fed, the BoE and the BoJ – changed their monetary policy approach, although central banks in Switzerland, Sweden and Norway all eased. Markets remain slightly on edge because of the growing Middle East conflict.

tim@emorningcoffee.com
Jun 207 min read
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Week ended May 23, 2025: all eyes on US budget
All eyes have been on the 2025-26 US budget discussions in the House this week, with the "big beautiful bill" getting through (albeit barely) and heading to the Senate. Professional bond and currency investors are signalling concern, visible in higher UST yields and a weaker US Dollar.

tim@emorningcoffee.com
May 237 min read
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Week ended May 9, 2025: Trump says "buy stocks" (again)
Markets continued to stabilise this week, at least as far as risk assets including global equities and BTC. Other assets moved sideways.

tim@emorningcoffee.com
May 86 min read
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Week ended March 21, 2025: US stocks eke out gains
Most focus this week was on the FOMC decision, which was initially viewed as slightly dovish before reality sat in. Markets were mixed.

tim@emorningcoffee.com
Mar 225 min read
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Week ended Feb 7, 2025: markets react to tariff threats, earnings and jobs
Last week was the second week running that the start of the week was characterised by turmoil, this time caused by tariff threats. Mr...

tim@emorningcoffee.com
Feb 85 min read
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Week ended Jan 31, 2025: earnings and central bank decisions dominate
The week started and ended poorly for US stocks, delivering losses for the week. European stocks have been the best performers YtD.

tim@emorningcoffee.com
Feb 15 min read
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Week ended Jan 17, 2025: markets recover
Global equities staged a nice rally last week, and government bond yields fell in the US and UK. Oil, gold and Bitcoin were all higher.

tim@emorningcoffee.com
Jan 182 min read
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FOREX
FOREX is in the news, especially as many think the USD has reached its peak and is at an inflection point. What drives FOREX? Read on.

tim@emorningcoffee.com
May 25, 20229 min read
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Is the bond market doing the Fed's dirty work?
The bond market looks to be doing the Fed's dirty work, sending short term yields to post-pandemic highs. Is the Fed being too methodical?

tim@emorningcoffee.com
Oct 20, 20215 min read
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