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Investment Strategy Bulletin
FX Insights
CIO Strategy
FX Perspectives
Investment Strategy Bulletin ꟾ May 23, 2025 By Citi Wealth Insights
In late April, President Trump denied that an aggressive bond market sell-off influenced his decision to grant a 90-day pause on the reciprocal tariffs imposed by the US on April 2nd: “The bond market was getting the yips1, but I wasn’t,” he stated. Fast forward to this past week, longer-term Treasury yields moved even higher than their April peaks, albeit at a slower pace.
Resigter now to listen to the latest CIO views on Veracast.
Weekly FX Focus ꟾ 22nd May 2025
The US-China tariff reductions announced on May 12th in which both agree to cut tariffs for 90 days until August 10th (vs July 8th for the rest of the world) are significantly bigger than expected. The US agrees to lower tariffs to 30% from 145% and China to 10% from 125%. The new tariffs will lower the effective tariff rate on China to between 38 - 45%, taking the US – China trade relationship back to non-prohibitive days.
CIO Strategy | 8th May 2025
The replay is now available for this past Thursday's CIO Strategy Webcast, featuring Bruce Harris - Head, Global Fixed Income Strategy, Jaideep Tiwari - Global Head of FX Strategy and Ken Peng - Head, Asia Pacific Investment Strategy.
FX Perspectives | May 9th, 2025
Since April, the broad-based USD Index, the DXY has dropped sharply. The tariffs caused a market downgrade of US exceptionalism. This caused a loss in confidence of the USD safe haven appeal which led to investors unwinding their long positioning of US treasuries and USD. Has the dust settled since then? Our Head of Global FX Strategy, Jaideep Tiwari examines the situation.
Click here to listen to the latest episode.
Middle East Strategy
Global Strategy
Middle East Strategy ꟾ May 2025
After years of restraint, OPEC+ is hiking production. The group announced it will raise oil output by 411k barrels per day (b/d) in June, similar to its April increase. Markets had expected just 140k b/d. OPEC+ also says it will speed up the return to market of 2.2 million barrels per day that it had withdrawn in recent years, with the potential to pause or reverse the decision.
Global Strategy ꟾ Quadrant | February 7, 2025
Territorial claims. Tariffs. Government makeovers. What is the new US administration really up to? While we remain optimistic U.S. growth and profits will rise in 2025 and 2026, any new approach to trade – with both allies and rivals – brings increased risk to the table. President Trump’s extreme high risk/high reward approach makes a more volatile market background likely.
Sustainable Investing Spotlight
Rising global food insecurity has come under the spotlight following a series of geopolitical shocks, including the COVID-19 pandemic and Russia’s invasion of Ukraine. Food security concerns have also been compounded by the effects of a shifting climate and increasing evidence of damage caused by accelerating biodiversity loss and water scarcity. Amid concerns about immediate and long-term food security, agriculture policies are caught in the crossfire between short-term food security and sustainability.
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