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Happy Thanksgiving Day to our U.S. colleagues and friends! As we enter the holiday season, it is an opportune moment to summarize the major developments of the past month and consider the probable trajectory forward. I. The Ukrainian Peace Process: A Cautious Outlook The most significant development remains the intensive, high-level negotiations aimed at resolving the Russia-Ukraine conflict. The diplomatic process is currently shaped by competing proposals: The Initial U.S.

It has been a while since I wrote something in our usual post and apologize for that, but time is a serious constraint. I will not go into details of traditional macroeconomic evolution or comments on the FED policy or EU politics. I will just try to summarize some huge things that are shaping the world at this period. The first one is the meteoric rise of precious metals along with the worst US dollar devaluation in decades. Put simply, the now named "debasement trade" is mo

The first half of the year brought its fair share of drama. April kicked off with a sharp global equity selloff, sparked by renewed...

It’s been a hectic few weeks, with headlines flying fast — especially out of the U.S. Immigration protests in Los Angeles, revived tariff...

As expected, the Fed left interest rates unchanged at 4.25-4.50%. The main takeaway is that there’s a lot more uncertainty now — both...