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Global macro research: dawn of the fiscal era?
With monetary policy reaching its limits, we believe that expansionary fiscal policy is likely to become the focus for policymakers in a future downturn.

Global macro research: corporate profits and the growth cycle
The US economy has enjoyed its longest period of economic expansion in 165 years. 

RPI reform information centre
The UK government is planning to align RPI with CPIH which we believe will result in an unintended transfer of wealth from index-linked gilt holders to the UK government of c.£100bn, reducing pension transfer values and lifetime incomes by 10-15% or more.