November ADP private sector job estimate will be the highlight; November Chicago PMI will be closely watched; the Fed releases its Beige Book report for the December 13-14 FOMC meeting; Chair Powell’s policy speech today will be key; Banco de Mexico releases its quarterly inflation report; eurozone November CPI data cooled; ECB tightening expectations have eased; key eurozone country data were weak; BOE said that Brexit is partly to blame for the current high inflation in the U.K.; BOJ did not intervene in FX markets in November; Japan reported soft October IP; Australia October CPI data came in soft; China reported weak official November PMI readings; China warned it will crack down on hostile forces; Thailand hiked rates 25 bp to 1.25%, as expected

Ellen Perry, Ali Hutchinson and Laura Salibello lay out five questions to ask during the holidays to spark discussion around the dinner table and provide tips for how to approach these conversations.

Fed officials reman hawkish; November survey readings continue to roll out; minor data will be reported today; Canada reports Q3 GDP; eurozone November CPI data have started rolling out; ECB tightening expectations have fallen; BOE will start selling the gilts it bought under its emergency program; BOE tightening expectations have fallen; Switzerland reported soft Q3 GDP data; Japan reported October labor market and retail sales data; China health officials took a conciliatory tone regarding Covid restrictions

The dollar is not benefiting from the risk off sentiment today; we get some important November survey readings this week; Fed expectations remain steady; ECB officials remain hawkish; U.K. CBI reported a very weak November distributive trades survey; BOE tightening expectations have steadied; Australia reported weak October retail sales; RBNZ Assistant Governor Silk sounded hawkish; protests against Covid restrictions are spreading across China; oil is trading at new lows for this cycle

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

We outline key year-end opportunities as it relates to gifting, income tax planning, retirement planning, and planning in a high interest rate environment, as well as provide a year-end checklist based on your goals.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

U.S. yields are starting to stir; Fed speakers remain hawkish; GDP growth remains strong so far in Q4; regional Fed manufacturing surveys for November continue rolling out; weekly jobless claims will be of interest; President-elect Lula is sending all the wrong signals; U.K. Chancellor Hunt delivered his budget statement; BOE tightening expectations are still adjusting; the ECB may slow down the pace of tightening with a 50 bp hike in December; Japan reported October trade data; Australia reported firm October jobs data; RBA tightening expectations have picked up slightly; Indonesia hiked rates 50 bp to 5.25%, as expected; Philippines hiked rates 75 bp to 5.0%, as expected

• October retail sales came in firm; U.S. yields remain subdued ahead of the data; Canada reported mixed October CPI data; it appears that the missile hit in Poland was a tragic accident; U.K. reported October CPI data; ECB warned of rising risks for banks, governments, and households; ECB tightening expectations have been pared back; Japan reported soft September core machine orders

October PPI mirrored last week’s CPI; regional Fed manufacturing surveys for November started rolling out; U.S. yields reacted accordingly to the PPI; U.S. yield curve remains inverted; U.K. reported mixed labor market data; BOE tightening expectations are still adjusting; German November ZEW survey came in firm; ECB tightening expectations have been pared back; Japan Q3 GDP unexpectedly contracted; the RBA found that its forward guidance during the pandemic resulted in communication challenges; China reported weak October IP and retail sales data

In this issue of Owner to Owner, we speak with the team behind Peay Vineyards, share a strategy for managing your business’s liquidity during times of uncertainty, and look at fostering resilience in the workplace.

Michael Conti, Neriah Ray-Saunders, and Christine Hourihan provide an overview of the economy, credit markets, and private equity and mergers and acquisitions markets.

In the feature article of this issue of Owner to Owner, we sit down with the team behind Peay Vineyards – Vanessa Wong, Nick Peay, and Andy Peay – to discuss what drove their interest in wine, how they approach winegrowing and winemaking, and how they differentiate themselves in a competitive industry.

BBH Managing Director Lewis Hart shares a three-pronged strategy for effectively managing your business’s liquidity during times of volatility and uncertainty.

BBH Senior Wealth Planner Ross Bruch explores the two ways businesses and other organizations can create a resilient staff: growing resilience within an organization’s existing workforce and hiring candidates that demonstrate resilient character traits.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

The future of financial services is a story of two races: a race to automate for scale and resiliency, and a race to attract the best human capital. Winning strategies recognize that success needs both.

U.S. yields dropped sharply after the surprise CPI readings; several Fed speakers seem willing to slow the pace of hikes after CPI; future Fed decisions remain data dependent; the semiannual U.S. Treasury Department FX report gave a pass to recent BOJ intervention; preliminary November University of Michigan consumer sentiment will be the highlight; EU updated its macro forecasts; ECB tightening expectations have been pared back; the monthly U.K. data dump began; BOE tightening expectations need to adjust lower; Japan reported October PPI; China eased some Covid Zero restrictions; PBOC said it will maintain a reasonable rate of growth in money and credit

What’s needed before a region with 41 trading exchanges and 31 settlement infrastructures can consider a shorter settlement cycle?

U.S. yields are edging higher; future Fed decisions remain data dependent; U.S. midterm elections today could have important implications for 2023; ECB officials remain hawkish; eurozone and Italy reported September retail sales; BOE Chief Economist Pill warned that recent market turmoil led to a de-anchoring of inflation expectations; BOE tightening expectations need to adjust lower; BOJ released the summary of opinions for the October 27-28 meeting; MOF data showed that the BOJ only intervened once in September; Japan also reported September cash earnings and household spending; RBNZ Governor Adrian Orr was appointed to a second 5-year term; RBNZ tightening expectations remain heightened; Taiwan reported October CPI and trade data

Taxable municipal bonds offer an excellent way to diversify broader taxable portfolios through high-quality, durable credits that frequently offer higher yields than comparably rated corporate debt.

Here's a look at the main drivers in Developed Markets this week.

U.S. yields continue to move higher; the jobs report is the highlight; October ISM services PMI came in soft; Canada highlight is also jobs data; BOE hiked rates 75 bp to 3.0% but the forward guidance was very dovish; BOE tightening expectations need to adjust; final October eurozone services and composite PMI readings were firmer; Germany reported weak September factory orders; ECB tightening expectations have been pared back; RBA released its Statement on Monetary Policy; reports suggest China is working on a plan to halt its Covid airline restrictions

The two-day FOMC meeting ended with another 75 bp hike, as expected; Chair Powell’s press conference left no doubt as to the Fed’s commitment to tighten; U.S. yields are moving higher after the FOMC decision; ADP reported its private sector jobs estimate; October ISM services PMI will be the data highlight; tensions remain high in Brazil; BOE is expected to hike rates 75 bp to 3.0%; ECB officials remains hawkish; yet ECB tightening expectations have fallen back a bit; Norges Bank delivered a dovish surprise and hiked 25 bp to 2.5% vs. 50 bp excepted; Turkey reported October CPI; Czech Republic is expected to keep rates steady at 7.0%; Australia reported firm September trade data; China’s National Health Commission said Covid Zero remains the favored strategy to fight the pandemic; Malaysia hiked rates 25 bp to 2.75%, as expected

Relationship Manager Laura Salibello discusses how breaking down a pay statement into six simple steps can help parents explain taxes to their children.

The two-day FOMC meeting ends today and another 75 bp hike is expected; ADP reports its private sector jobs estimate; October ISM manufacturing PMI was better than expected; Brazil President Bolsonaro finally spoke to the nation yesterday; BOE QT began yesterday without a hitch; BOE is expected to hike rates 75 bp to 3.0% tomorrow; final eurozone October PMI manufacturing readings came in soft; Germany reported September trade and October unemployment data; ECB officials remain hawkish; exit polls suggest the Likud party and its allies won a solid majority in the Israeli Knesset; minutes from the September BOJ meeting tilted dovish; markets are repricing RBA tightening expectations; New Zealand reported firm Q3 labor market data; Korea reported October CPI

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

BBH Private Banking Chief Investment Officer Suzanne Brenner and Deputy Chief Investment Officer Justin Reed review the markets and provide an update on our current portfolio positioning and priorities.

The U.K.’s Long Term Asset Fund initiative could be a strategic solution for pension schemes amid future volatility.

In this issue of Women & Wealth Magazine, we explore how to develop leaders in family businesses, examine how to make hybrid work successful for everyone and look at how we can foster motivation in those we love.

Adrienne Penta, executive director of the Center for Women & Wealth, and Ben Persofsky, executive director of the Center for Family Business, share insights gleaned from recent BBH research on how family businesses can be inclusive in developing future leaders.

In this issue’s “By the Numbers,” we look at the significant impact of family-owned businesses in the world and their communities, as well as how they are measuring up on diversity and inclusion.

Brigid Schulte, best-selling author and director at the Better Life Lab at New America, shares a data-driven toolkit for managers and leaders as we all navigate an uncharted new era of work.

Senior Wealth Planner Ross Bruch discusses the many different types of motivation and what role “flow” plays in keeping us interested and engaged in life.

In “Five Questions,” we speak with Meghan Juday, chairman of IDEAL Industries, about leading the board as a fourth-generation family member, how she hopes to help other women succeed in similar roles and what she sees as the most important leadership quality.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

As an outlier in a world of rising interest rates, and as investment behaviour evolves, Japan offers a growing opportunity to Western asset managers eyeing the ¥2,023 trillion* household savings market. BBH’s Japan team shares how they can best access that opportunity.

As the world watches the U.S. market plan for a T+1 cycle for securities settlement, others are assessing similar moves. BBH sets out the main process areas in the securities trade lifecycle that will be impacted by shorter settlement cycles and what you need to do now to prepare.

Treasury Secretary Yellen gave a green light to a stronger dollar; we are seeing continued hawkishness from the Fed; September PPI will be the highlight; FOMC minutes will be of interest; Chile is expected to hike rates 50 bp to 11.25%; BOE Governor Bailey affirmed that its emergency bond-buying will end Friday; U.K. Prime Minister Truss will meet with Tory MPs today; the U.K. data dump came in very weak; eurozone reported firm August IP; Japan reported soft orders data; China reported firm September new loan and money data; Korea hiked rates 50 bp to 3.0%, as expected

U.S. yields continue to rise; the rates markets are pricing in continued hawkishness from the Fed; Fed officials continue the drumbeat of hawkish comments; BOE announced more measures to support the gilt market; Chancellor Kwarteng announced that he will set out his fiscal plan in detail October 31, nearly a month earlier than planned; U.K. reported firm labor market data; Japan Prime Minister Kishida said he supports the BOJ’s ultra-loose monetary policy; Japan reported August current account data

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

September jobs data is of course the data highlight; the disciplined Fed messaging shows no signs of letting up; Canada highlight is also jobs data; Lula declined to name any of his potential cabinet picks; Mexico reports September CPI; Germany reported some more weak data for August; Fitch cut its outlook on the U.K. to negative from stable; Japan reported August cash earnings and household spending; RBA warned that financial stability risks have increased in recent months; the debate about financial stability risks has heated up recently; Caixin reports September services and composite PMI readings Saturday local time; Taiwan exports unexpectedly contracted

U.S. yields continue to recover; Fed officials remain hawkish; the Atlanta Fed’s GDPNow model is currently tracking Q3 growth at 2.7% SAAR; Peru is expected to hike rates 25 bp to 7.0%; ECB reduced its support for peripheral bond markets over the summer; eurozone reported soft August retail sales; Germany reported weak August factory orders; BOE delivered its official post-mortem of the recent gilt market crash; Poland delivered a dovish surprise; Deputy Prime Minister Robertson is optimistic that New Zealand can avoid a recession

U.S. rates and the dollar have staged a bit of a recovery today as markets rethink the notion of a Fed pivot; Fed officials remain (what else?) hawkish; September ISM services PMI will be closely watched; September ADP private sector jobs estimate will also be of interest; ECB Executive Board member Fabio Panetta said he would not become Italy’s next Finance Minister; the eurozone reported soft final September services and composite PMI readings; U.K. officials are optimistic about striking a Brexit deal with the EU; Poland is expected to hike rates 25 bp to 7.0%; Japan reported firm final September services and composite PMI readings; RBNZ hiked rates 50 bp to 3.5%, as expected; OPEC+ meets in Vienna today for the first in-person gathering since March 2020

Wealth Planner Peter Moshang covers considerations for those looking to help family members buy a home.

Softer real sector data will not deter the Fed from hiking rates further; indeed, Fed officials remain hawkish; September ISM manufacturing came in weaker than expected; the Truss tax plan may be dead in the water; market expectations for BOE tightening have eased in recent days; eurozone reported August PPI; September Tokyo CPI data point to a higher national reading; RBA hiked rates 25 bp to 2.60% vs. 50 bp expected

ISM manufacturing PMI will be today’s highlight; this is another heavy week of Fed speakers; Brazil goes to a runoff October 30; U.K. Prime Minister Truss finally blinked; despite the reversal on the top tax rate, the bulk of the fiscal plan remains intact; eurozone final September manufacturing PMI came in soft; Israel is expected to hike rates 75 bp to 2.75%; Turkey reported September CPI; BOJ Q3 Tankan report came in a bit soft; USD/JPY is creeping higher to trade at the highest level since intervention last month

Here's a look at the main drivers in Developed Markets this week.

Portfolio Managers, Neil Hohmann, Chris Ling and Andrew Hofer provide the most recent quarter-end results of the Structured Fixed Income strategy.

Portfolio Managers, Nicholas Haffenreffer & Michael Keller, discuss how the U.S. Large Cap Equity portfolio companies performed over the most recent quarter-end.

August core PCE and September Chicago PMI will be key; weekly jobless claims point to a solid NFP; Colombia delivered a dovish surprise; September eurozone CPI readings came in hot; the Tories are paying a price for the recent turmoil; Deputy Governor Ramsden said that the gilts bought by the BOE to stabilize markets will be sold off as soon as possible; Japan reported firm August labor market data, IP, and retail sales; Prime Minister Kishida has reportedly instructed his cabinet to come up with another economic package by the end of October; BOJ announced it will buy more bonds with maturities of five years or more in Q4; China reported soft official September PMI readings; policymakers are taking more action to support the property sector

Portfolio Manager, Gregory Steier, provides an analysis of the investment environment and most recent quarter-end results of the Municipal Fixed Income strategy.

Portfolio Co-Managers, James Evans & Jorge Aseff, provide an analysis of the investment environment and most recent quarter-end results of the Inflation-Indexed Fixed Income strategy.

Co-Portfolio Managers, Andrew Hofer, Neil Hohmann and Paul Kunz provide an analysis of the investment environment and most recent quarter-end results of the Taxable Fixed Income Strategy.

Co-Portfolio Managers, Andrew Hofer, Neil Hohmann and Paul Kunz provide the most recent quarter-end results of the Core Fixed Income Strategy.

Co-Portfolio Managers, Andrew Hofer and Neil Hohmann provide the most recent quarter-end results of the Limited Duration Fixed Income Strategy.

Portfolio Manager, Gregory Steier, provides an analysis of the investment environment and most recent quarter-end results of the Municipal Fixed Income strategy.

Co-Portfolio Managers, Andrew Hofer, Neil Hohmann and Paul Kunz provide the most recent quarter-end results of the Multisector Fixed Income Strategy.

Portfolio Managers, Nicholas Haffenreffer and Michael Keller, provides the most recent quarter-end results of the US Large Cap Equity Strategy.

Portfolio Managers, Neil Hohmann, Andrew Hofer, and Chris Ling provide an analysis of the investment environment and most recent quarter-end results of the Structured Fixed Income strategy.

BBH Relationship Manager Laura Salibello and Associate Maddy Pellow provide financial tips for making the transition out of college more manageable.

As our Next Gen clients think about their future, they often ask about the importance of earning a distinction beyond their undergrad degree with a CFA, CFP, or MBA. So how do you know which path is right for you? We sat down with Tom Martin and Dylan Dwyer to discuss the qualifications they pursued after college and how each impacted their career.

In our fall Next Gen Spotlight, Mackenzie Dowling sits down with Michael Russell Jr. to talk about growing up in a family business and forging your own path.

Global bond yields dropped yesterday in sympathy with the U.K. but are rising today; reports suggest that the Biden administration is concerned about the market spillovers stemming from the U.K. tax plan; Mexico is expected to hike rates 75 bp to 9.25%; Colombia is expected to hike rates 150 bp to 10.5%; Truss doubled down on her tax plan in her first public remarks since the turmoil began; September eurozone CPI readings started rolling out; Czech National Bank is expected to keep rates steady at 7.0%; Australia reported its first monthly CPI reading

Fed officials remain hawkish; U.S. yields continue to rise, especially at the long end; data yesterday showed that the U.S. economy remains very resilient; BOE announced that it would carry out temporary purchases of long-dated gilts; the U.K. is coming under international criticism; comments from BOE Chief Economist Pill suggest little urgency to act on rates; even the ECB hawks have their limits; Australia reported firm August retail sales; the yuan continues to weaken; Thailand hiked rates 25 bp to 1.0%, as expected

Fed officials remain hawkish; the U.S. yield curve warrants further discussion; U.K. markets have stabilized, at least for now; the BOE delivered nothing of substance to support U.K. assets; FX intervention to support the pound is highly unlikely; Nord Stream officials are reporting damage to its pipeline system; ECB President Lagarde is sounding less hawkish; Italian yields are rising; Hungary is expected to hike the base rate 100 bp to 12.75%;Japan yields continue to rise; markets will continue testing the BOJ

What is now needed to meet the next generation of ESG investors? Adrian Whelan unpicks the title of a session at Sibos, where he will be speaking next month.

Risk sentiment remains under severe pressure as the new week begins; many Fed officials will spread the hawkish message this week; August Chicago Fed NAI will be reported; U.K. assets remain under pressure as Chancellor Kwarteng poured more gasoline on the fire; Italy is likely to become more of a market focus in the coming weeks; Germany reported a weak September IFO business climate survey; BOJ Governor Kuroda said he supported last week’s FX intervention; Japan reported firm preliminary September PMI readings; China continues to take small measures to support the yuan

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

U.S. yields continue to march higher; S&P Global preliminary September PMI readings will be the highlight; Canada reports July retail sales; U.K government announced a massive tax cut package; BOE tightening expectations have picked up; U.K. and eurozone reported preliminary September PMI readings; whether the BOJ intervention will succeed depends on how one defines success; Australia reported preliminary September PMI readings

The two-day FOMC meeting ended with a 75 bp hike, as expected; Chair Powell drove home this hawkish message in his press conference; updated macro forecasts and Dot Plots were released; U.S. yields continue to march higher; BOE, SNB, Norges Bank all hiked as expected; SARB is expected to hike rates 75 bp to 6.25%; Turkey unexpectedly cut rates 100 bp to 12.0%; BOJ delivered another dovish hold, as expected; BOJ intervened to support the yen for the first time since 1998; Taiwan, Philippines, and Indonesia all hiked as expected

Fed tightening expectations remain elevated ahead of the FOMC decision this afternoon; Canada reported soft August CPI data; Brazil is expected to keep rates steady at 13.75%; Ukraine is heating up again; ECB President Lagarde spoke yesterday; the U.K. announced details of its plan to support businesses hurt by high energy costs; the BOE decision tomorrow is not so clear cut; South Africa reported August CPI; the market is testing the BOJ ahead of tomorrow’s decision; it is likely to deliver another dovish hold

U.S. yields continue to march higher; Fed tightening expectations remain elevated as the two-day FOMC meeting begins; the only U.S. data report today is August building permits and housing starts; Canada reports August CPI; U.K. Prime Minister Truss said a trade deal with the U.S. was unlikely right now; the Riksbank hiked rates 100 bp to 1.75% vs. 75 bp expected; Japan reported August national CPI data; RBA minutes were released; RBA tightening expectations remain in flux

This is a huge week for central banks; U.S. yields continue to rise; Fed tightening expectations remain elevated; ECB officials remain hawkish; Bundesbank noted growing risks of recession in Germany; RBA acknowledged the negative impact of its rate hikes on the housing market; China officials continue to lean against yuan weakness

Here's a look at the main drivers in Developed Markets this week.

U.S. yields continue to rise; August retail sales data were mixed; University of Michigan consumer sentiment will be closely watched; U.K. reported weak August retail sales data; today is the anniversary of Black Wednesday; ECB President Lagarde is sounding hawkish; Russia cut rates 50 bp to 7.5%, as expected; Japan Finance Minister Suzuki continues to jawbone the yen; RBA Governor Lowe hinted at a pivot; China reported firm August IP and retail sales data

The potential nationwide rail strike has been avoided; August PPI was reported yesterday; August retail sales data today will be important; regional Fed manufacturing surveys for September start rolling out; ECB messaging is starting to soften; Israel reports August CPI; Japan reported August trade data; Australia reported solid August jobs data; New Zealand reported solid Q2 GDP data

U.S. inflation data remain in focus after yesterday’s CPI report; Fed tightening expectations shot up, giving the dollar a much-needed boost; eurozone reported weak July IP; U.K. reported August CPI; Sweden reported August CPI; reports suggest the BOJ conducted a so-called rate check in the FX market; New Zealand reported Q2 current account data

U.S. yields continue to rise; Fed tightening expectations remain elevated; U.S. inflation data take center stage; demand for USTs appears to be softening; German September ZEW survey weakened further; ECB tightening expectations remain elevated; the monthly U.K. data dump continues; Japan reported August PPI

Risk on impulses are weighing on the dollar; U.S. yields continue to rise; ECB officials are sticking to the hawkish script; despite these comments, we believe nothing has fundamentally changed; the monthly U.K. data dump began with a whimper; BOE meets Thursday and is expected to hike rates 75 bp to 2.5%; Japan reported August machine tool orders; BOJ meeting next week has taken on a bit less importance with USD/JPY trading well off the recent highs

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Fed Chair Powell remains hawkish; Fed tightening expectations remain elevated; Canada reports August jobs data and Q2 capacity utilization; Senior Deputy Governor Rogers laid out more details regarding the BOC’s thinking; the ECB hiked rates 75 bp, as expected; new U.K. Chancellor of the Exchequer Kwarteng sacked the Treasury’s top civil servant; Norway reported August CPI; BOJ Governor Kuroda met with Prime Minister Kishida; Kishida has reportedly ordered an economic package in October to help the nation cope with rising inflation; China reported soft August CPI and PPI data

Data highlight will be August ISM services PMI; Chile is expected to hike rates 75 bp to 10.5%; ECB officials are starting to recognize the risks ahead; Germany reported weak July factory orders; the Tories picked Foreign Secretary Truss as their new leader; reports suggest Truss is focusing on providing relief from surging energy prices; Japan reported soft July cash earnings and household spending; RBA hiked rates 50 bp to 2.35%, as expected; PBOC is taking modest measures to support the yuan; OPEC+ surprised markets with a 100k bbl/day output cut in October

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

U.S. yields continue to rise; August jobs data is the main event; August ISM manufacturing PMI came in firm; the stars are aligning for a 75 bp hike at the September 8 ECB meeting; eurozone countries reported some soft data; we downplay any notions of BOJ intervention as USD/JPY moves past 140; Korea reported August CPI

The U.K. Financial Conduct Authority (FCA) has opened a public consultation which seeks to reshape the rules around marketing of Long-Term Asset Funds (LTAFs) to allow access to a wider group of retail investors and pension schemes.

U.S. yields continue to rise; the pace of QT doubles this month; August ISM manufacturing PMI will be the highlight; we get more labor market data with August Challenger job cuts and weekly jobless claims; the ECB looks increasingly likely to hike rates 75 bp at the September 8 meeting; final August eurozone manufacturing PMI readings were reported; reports suggest Russia is considering increased purchases of “friendly” currencies; Japan and Australia reported final August manufacturing PMIs; Caixin reported soft August manufacturing PMI; Korea reported August trade data

High food and energy prices continue to squeeze households globally. Aggressive monetary policy responses and shrinking real incomes have increased global recession risks. Indeed, more and more signs of recession are piling up.

Our Currency Strategists set out what the geopolitical and macro-economic landscape means for major and emerging markets in the third quarter

Our Currency Strategy experts offer their predictions for currency performances for both Major and Emerging Markets.

For much of the first half of this year, high interest rates and rising commodity prices helped these currencies outperform their emerging market peers. However, broad-based dollar strength has slowly but surely eaten away at those EM FX gains and this is likely to continue as the Fed remains on its aggressive tightening path.

Fed officials continue their aggressive communication efforts; the Fed’s hawkish message is clearly having an impact; ADP is restarting its private sector jobs estimates after a two-month hiatus to retool its model; August Chicago PMI is expected to remain steady at 52.1; Canada reports June and Q2 GDP; Banco de Mexico releases its quarterly inflation report; the European energy crisis continues; August eurozone CPI data came in hot; odds of a 75 bp hike at the September 8 ECB meeting continue to rise; Norges Bank will significantly increase its foreign currency purchases in September; Japan reported July IP, retail sales, housing starts, and August consumer confidence; China reported official August PMI readings

Portfolio Managers, Michael Keller and Nicholas Haffenreffer discuss how the U.S. Large Cap Equity portfolio companies performed over the most recent month-end.

A Fed put is clearly out of the question; Canada reports Q2 current account data; Chile received a $18.5 bln FCL from the IMF; reports suggest that the EU is preparing some sort of emergency intervention in its power market; ECB Chief Economist Lane remains in the dove camp; August eurozone CPI data have started rolling out; real sector data from the eurozone remain weak; BOE data show overseas investors sold gilts aggressively in July; Hungary is expected to hike rates 100 bp to 11.75%; Japan reported solid July labor market data

The only surprise out of Jackson Hole is that markets were surprised; U.S. yields continue to rise; with Jackson Hole behind them, Fed officials are likely to continue their aggressive communication efforts this week; regional Fed manufacturing surveys for August wrap up today; markets are leaning towards a 75 bp hike by the ECB at the September 8 meeting; European energy prices continue to surge; Australia reported firm July retail sales; the yuan is the weakest in two years; Malaysia reported July CPI

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

The Jackson Hole Economic Symposium has begun; we see risks of an asymmetrical market reaction to Powell; ahead of Powell’s speech, Fed officials remain hawkish; July core PCE data will be important; the account of the ECB’s July meeting is worth discussing; Germany reported weak September GfK consumer confidence; Japan August Tokyo CPI ran hot; RBNZ is beginning to pivot

Kashkari remains hawkish and also made some rare comments about the dollar; S&P Global preliminary August PMI readings came in weak; housing data will be closely watched; Mexico and Brazil report mid-August inflation data; ECB officials are acknowledging the risks of recession; South Africa reported July CPI; Bank of Thailand Governor Sethaput aims to keep its tightening cycle gradual

The Fed’s annual Jackson Hole Symposium begins tomorrow. While some may be looking for an explicit policy signal, we believe the Fed will leave all options open for the September 20-2 FOMC meeting. However, we expect Chair Powell and his colleagues to maintain a very hawkish tone at the symposium. We also give an overview of current U.S. economic conditions.

Banks, asset managers and insurers operating in the EU will be subject to new rules intended to boost the security and resiliency of the financial sector. Adrian Whelan maps out what asset managers need to know.

U.S. rates are moving higher as Fed tightening expectations adjust; we get some key survey data today; key housing data will also be reported; preliminary eurozone August PMI readings continue to weaken; preliminary U.K. August PMI readings were reported; Israel delivered a hawkish surprise ; Japan reported preliminary August PMI readings and July department store sales; Australia reported preliminary August PMI readings; Indonesia delivered a hawkish surprise with a 25 bp hike to 3.75%

Chicago Fed National Activity Index for July will be the highlight; Bundesbank offered a worrisome outlook for Germany; Israel is expected to hike rates 50 bp to 1.75%; RBNZ hinted that rates may go slightly higher than forecast; China’s commercial banks cut their loan rates; trade data out of Asia were weak

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

U.S. rates continue to creep higher; the Fed debate continues; yesterday’s data were mixed; ECB officials remain hawkish; U.K. reported July retail sales and public sector net borrowing; BOE tightening expectations have risen sharply; Turkey delivered a dovish surprise; Japan reported July national CPI data; Philippine central bank is pivoting

FOMC minutes tilted hawkish; July retail sales data came in mixed; regional Fed manufacturing surveys for August will continue rolling out; U.K. August GfK consumer confidence will reported; Norges Bank hiked rates 50 bp to 1.75, as expected; Turkey is expected to keep rates steady at 14.0%; Australia reported weak July jobs data; Philippines hiked rates 50 bp to 3.75%, as expected

FOMC minutes will be closely watched; July retail sales will be the data highlight; Canada reported July CPI data; U.K. July CPI data ran hot; final eurozone Q2 GDP data were revised lower; Japan reported July trade data and June core machine orders; RBNZ hiked rates 50 bp to 3.0% and took a more hawkish tone

Markets are in an uneasy calm; July IP will be the data highlight; Canada highlight will be July CPI data; German August ZEW consumer survey was weak; U.K. reported labor market data; Israel reported strong Q2 GDP data; RBA minutes were released; China is suffering from a heat wave that is impacting the economy

Markets are starting the week in risk-off mode; regional Fed manufacturing surveys for August will start rolling out; reports suggest BOE Governor Bailey would be “open to a review” of the bank’s mandate; Israel reports July CPI; Japan reported firm Q2 GDP data; China reported weak July IP and retail sales; PBOC delivers surprise rate cut

Here's a look at the main drivers in Developed Markets this week.

Fed speakers continue spreading the hawkish message; PPI data also came in on the soft side; preliminary August University of Michigan consumer sentiment will be today’s data highlight; monthly U.K. data dump began; eurozone June IP was reported; Sweden reported July CPI; Taiwan revised Q2 GDP growth slightly lower; India reports July CPI and June IP

Markets are still digesting yesterday’s CPI data; July PPI will be reported today; Fed tightening expectations continue to adjust; Fed speakers continue spreading a very hawkish message; the heavy slate of Treasury issuance this week concludes; Mexico is expected to hike rates 75 bp to 8.50%; Peru is expected to hike rates 50 bp to 6.50%; German Chancellor Scholz promised more relief for its citizens; PBOC has pivoted and further easing now seems unlikely

Fed speakers will continue spreading the hawkish message; July CPI will be the highlight; the heavy slate of Treasury issuance this week continues; U.K. energy outlook continues to deteriorate; despite the gloomy macro outlook, the BOE is set to continue tightening as inflation spirals ever higher; Norway reported July CPI; Japan reported July PPI; China reported July CPI and PPI; Thailand hiked rates 25 bp to 0.75%, as expected

The lack of follow-through for the dollar is disappointing; the next big Fed event will be its Jackson Hole Economic Symposium; Fed tightening expectations still need to adjust; Mexico reports July CPI; Brazil central bank minutes will be released; BOE Deputy Governor Ramsden said interest rates will have to rise further to help limit inflation; Hungary reported July CPI; Japan reported July machine tool orders

Senior Wealth Planner Kerri Mast discusses qualitative matters related to business succession, focusing on the importance of family values.

Selecting a private wealth manager requires one to answer a multitude of questions before making a final decision. In this commentary, Jacob Turner discusses the 10 most critical considerations high-net-worth individuals must make when hiring a private wealth manager.

Markets are still digesting last week’s blockbuster jobs report; Fed tightening expectations continue to adjust; higher U.S. yields continue to support the dollar; U.K. households are facing even greater energy bills; despite the gloomy outlook, the BOE is set to continue tightening as inflation spirals ever higher; Czech central bank Governor Michl signaled the end of the tightening cycle, at least for now; Japan reported June current account data; China reported July trade and foreign reserves data

Here's a look at the main drivers in Developed Markets this week.

Fed officials continued their communication push; Fed tightening expectations should move higher; the July jobs report is the main event; Canada also reports July jobs data; several eurozone countries reported June IP; BOE hiked rates 50 bp to 1.75%, as expected; updated forecasts were grim; Czech Republic delivered a dovish surprise and kept rates steady at 7.0%; Japan reported firm June labor cash earnings and household spending; RBA released its Statement on Monetary Policy; India hiked rates 50 bp to 5.40% vs. 35 bp expected

Fed officials continue to push back against the perceived pivot; U.S. yields have surged as a result; ISM reported firm services PMI readings for July; Brazil hiked rates 50 bp to 13.75%, as expected; Germany reported weak June factory orders; ECB tightening expectations remain depressed; BOE is expected to hike rates 50 bp to 1.75%; Czech Republic is expected to hike rates 25 bp to 7.25%; Australia reported firm June trade data

As the investment landscape in Japan continues to evolve, BBH Relationship Manager Tomoko Kenny asks SMTAM's David Semaya how his firm is addressing three global themes and how Western asset managers can enter this market with the help of industry partners.

As we expected, Fed officials are pushing back hard against the pivot theme; ISM July services PMI reading is the main event; Brazil is expected to hike rates 50 bp to 13.75%; data suggest the ECB has already activated its first line of defense against fragmentation; final eurozone and U.K. services and composite PMIs were reported; Turkey reported July CPI; Japan reported weak final July services and composite PMIs; New Zealand reported mixed Q2 jobs data; Caixin reported final China July services and composite PMI

We think Fed officials will push back against the market’s dovish take on its decision; the U.S. rates market continues to price in gloom and doom; ISM reports July manufacturing PMI; eurozone final July manufacturing PMI readings were reported; Germany continues to weaken; Caixin reported soft China July manufacturing PMI; Hong Kong reported weak Q2 GDP data

In this issue of Owner to Owner, we look at considerations when transferring private business shares to the next generation, discuss what business owners should be thinking about in this inflationary economy, examine QSBS elections and provide an overview of industrial revenue bonds.