The dollar is giving up some of its recent gains as U.S. rates fall. DXY is down after two straight up days and is trading soft after being unable to break above 91.

US inflation data will remain in focus; heavy US Treasury issuance this week concludes with a $27 bln sale of 30-year bonds; weekly jobless claims data may take on more importance after the big miss for April; Mexico, Chile, and Peru are all expected to keep rates steady

U.S. inflation data come into focus; we think that risks to US yields lie to the upside; it’s worth taking a look at how U.S. core and headline inflation have behaved historically to supply shocks; the U.S. labor market remains in flux; more states are rejecting the enhanced unemployment benefits; U.S. Treasury issuance continues with a $41 bln sale of 10-year notes

The debate about unemployment benefits is heating up after last week’s big miss on jobs; heavy US Treasury issuance this week starts off with a $58 bln sale of 3-year notes today; Fed speakers will remain plentiful; Brazil reports April IPCA inflation

The markets are still digesting the much weaker than expected jobs report from Friday; the debate between markets and the Fed has tilted more towards the latter; today is a quiet day in the U.S. before the upcoming flood of UST issuance and U.S. data

Asset Managers face different challenges and have varying experiences and views when evaluating their current FX process/program. Below are some common misperceptions we’ve heard from our clients and prospects as they are about to embark on this review.

The global COVID-19 pandemic has brought the topic of operational resilience to the top of the agenda for regulators worldwide. Here, we sum up some of the common areas of focus among the open operational resilience regulatory assessments and how they are influencing policymakers' actions going forward.

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.

April jobs data will be the highlight; the U.S. growth outlook remains stronger than ever; the Fed’s financial stability report warned that rising risk appetite is stretching valuations and creating weakness in the US financial system; Canada also reports April jobs data; Mexico reports April CPI

It’s clear from the strong U.S. recovery and falling virus numbers that the Fed will have to continue unwinding its emergency measures. The Bank of Canada and the Bank of England have already stated adjusting their stance without causing much disruption, but it’s the Fed that really matters.

Comments by Treasury Secretary Yellen are worth discussing; ADP private sector jobs will be today’s highlight; ISM services PMI will also be reported; the U.S. growth outlook remains stronger than ever; Brazil is expected to hike rates 75 bp to 3.5%; Colombia central bank releases its quarterly inflation report

The outlook for major Latin American markets continues to deteriorate, despite the favourable commodity cycle and relatively higher rates to support local currencies. Local politics and unfavourable pandemic outcomes are still our main reasons for concern, but external factors – strong dollar and higher U.S. yield – also create additional headwinds.

A growing number of ETF issuers are turning to securities lending programs as a way to increase revenue, mitigate costs, and counteract downward pressure on fees. In this Exchange Thoughts article, we explore the pivotal role ETFs are playing in the securities lending market.

U.S. data yesterday were mixed but still point to underlying strength in the economy; despite the PMI reading, the U.S. outlook remains stronger than ever; Fed speakers remain plentiful; COP is under heavy downward pressure on the back of negative political headlines

Environmental, Social, and Governance (ESG) is one of the hottest topics in asset management, and just the start of many acronyms thrown around regularly. Here we discuss the latest ESG acronym: Corporate Sustainability Reporting Directive, or CSRD.

The U.S. economy continues to sizzle; therein lies the crux of our strong dollar outlook; April ISM manufacturing PMI is the data highlight

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 part of a research engagement between BBH & Fidelity Digital Assets, our latest piece is a first step toward exploring the feasibility & practical considerations of digital asset sub-custody as well as other potentially viable operating models.

We got our first look at Q1 GDP yesterday; therein lies the crux of our strong dollar outlook; keep an eye on two spreads that will support our bearishness on the euro; today’s data highlight is April Chicago PMI; Colombia is expected to keep rate steady at 1.75%

The ability to easily “passport” funds across E.U. borders is a great attraction for asset managers. Here, we discuss the regulations of European Passporting and some of the obstacles that are no longer in the way.

U.S. yields are climbing as markets continue to digest the FOMC decision; the Fed delivered a dovish hold, as expected; markets are starting to look for signs of tapering and that was the first question for Powell; we get our first look at Q1 GDP; weekly jobless claims will be reported

The two-day FOMC meeting ends with a decision this afternoon; we will be putting out a lengthy piece this week about the Fed’s likely roadmap for tapering; U.S. yields are rising ahead of the decision

In this issue of Women & Wealth Magazine, we focus on women who are having an impact through the communities in which they work, the businesses they operate and the philanthropic endeavors they pursue.

In our feature article, we speak with Chime Solutions Co-Founder and COO Shelly Wilson about the company’s mission and vision, the impact the business is having in the communities in which it operates and what’s next following tremendous momentum over the past year.

Senior Wealth Planner Alison Hutchinson and Chief Fiduciary Officer Melineh Ounanian outline some ideas for how trust beneficiaries can learn more about their roles and responsibilities.

In our “By the Numbers” infographic, we look at sustainability and social responsibility, examining the benefits of investing time and resources into these areas, as well as rising demand and trends.

These inspiring women have demonstrated their power as models of female leadership and innovative entrepreneurs and are having outsized impact in their fields.

In “Five Questions,” we speak with Dr. Joanne Santomauro, founder and CEO of Ancillare, about the work her company has been doing throughout the COVID-19 pandemic, leadership during crisis and what the business is doing to support advancements in women’s healthcare and pharmaceuticals.

The two-day FOMC meeting begins today and ends with a decision tomorrow afternoon; Fed manufacturing surveys for April will continue to roll out; Brazil reports mid-April IPCA inflation.

The latest Bloomberg survey shows growing expectations of Fed tapering in Q4; yields are picking a bit ahead of the two-day FOMC meeting that begins tomorrow and ends with a decision Wednesday afternoon; Fed manufacturing surveys for April will continue to roll out

A recap of the recent InvestOps Virtual Boardroom 2021 conference, which brought together executives from firms with a wide variety of investment strategies, operating models and assets under management.

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.

Senate Republicans offered a $568 bln compromise spending package; President Biden will reportedly propose a hike in the capital gains tax; weekly jobless claims data point to a solid NFP reading; preliminary US Markit April PMI readings will be reported

FAQs on New U.S. Withholding Tax Rules on Transfers of Interests in Publicly Traded Partnerships.

In the latest FX Quarterly, our strategists explore the upbeat global economic outlook as the U.S. eyes a return to normalcy. We also provide our outlook on developed and emerging markets in Q2 2021.

US bond yields remain depressed; Fed manufacturing surveys for April will continue to roll out; weekly jobless claims are for the BLS survey week; BOC delivered a hawkish hold; other central banks may also be willing to start tapering QE before year-end; Mexico reports mid-April CPI; ECB is expected to keep all policy settings unchanged

In our first quarter update, we highlight market trends and how BBH is adapting to meet the needs of our clients.

We surveyed private and universal banks on their thoughts about how their approach to business has changed due to working remotely and the future going forward. The survey key findings highlight the challenges, the response, and how we all see new ways of working post-pandemic.

US bond yields remain depressed ahead of a 20-year bond auction; BOC meeting ends with a decision this morning; ahead of the decision, Canada reports March CPI; BRL saw some relief yesterday after congress (finally) agreed on the budget

The Bank of Canada meeting ends with a decision Wednesday. Some expect it to begin tapering its asset purchases but we think it may be too soon and so a dovish surprise is very possible. The policy rate will remain unchanged at 0.25% while updated macro forecasts will be presented in the quarterly monetary policy report.

Bitcoin saw a roughly 10% flash crash over the weekend; US Treasury yields continue to tumble; the Trudeau government releases its 2021 budget

Bitcoin saw a roughly 10% flash crash over the weekend; US Treasury yields continue to tumble; the Trudeau government releases its 2021 budget

We explain some of the top issues likely to ensure Mr. Gensler doesn’t get a whole lot of a “honeymoon period” when he takes his seat at the head of the SEC table. One thing is for certain, he starts his tenure with a full plate.

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.

Yesterday’s US data was simply stellar; the US growth outlook remains very strong; yet bond yields tumbled; data today are minor

In the final part of our three part series on fund liquidity, we focus on the recently published report from European Securities and Markets Authority (ESMA) on its study of UCITS liquidity risk management.

We are likely to get signs today that the U.S. economy continues to roar; March retail sales data will be the highlight; Fed manufacturing surveys for April will start to roll out; weekly jobless claims should show resumed improvement in the labor market; Fed Beige Book report is worth a mention

Treasury Secretary Yellen is scheduled to issue her first semiannual FX report this Thursday. Here, we outline some possible changes based on our calculations for the criteria. However, this will be complicated by reports suggesting Yellen will ease some of the thresholds.

US yields are crashing lower and removing some crucial support for the dollar; US CPI came in a tad higher than expected; heavy US Treasury issuance this week was easily absorbed; Fed Beige Book report will be released

In Part Two of our three part series on fund liquidity, we focus specifically on European Money Market Funds.

US inflation data will come back into focus; US yields are creeping higher and giving the dollar some support; all of this comes on top of heavy US Treasury issuance this week

US yields are creeping higher and giving the dollar some support; US inflation data will come into focus; weekly jobless claims were disappointing; Canada reports March jobs data; Brazil reports March IPCA inflation

In Part One of a three part series on fund liquidity, we discuss the important “what if” questions regulators are posing currently.

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.

US yields are creeping higher and giving the dollar some support; US inflation data will come into focus; weekly jobless claims were disappointing; Canada reports March jobs data; Brazil reports March IPCA inflation

Market expectations for Fed tightening continue to move the other way; FOMC minutes are worth a mention; Fed policymakers continue to stress the new outcome-based strategy; weekly jobless claims should show resumed improvement in the labor market; Mexico reports March CPI; Peru is expected to keep rates steady at 0.25%

Despite string US data, US yields continue to edge lower; FOMC minutes will be released; Canada reports March Ivey PMI and February trade

We explain more about ELTIF funds and how Europe is refining them to become future leaders in the E.U. fund landscape through an informative infographic.

President Biden’s path to the next round of stimulus just got easier; the US economy continues to roar; while US long yields have stabilized for now, market expectations for Fed tightening continue to adjust

Despite certain points of tension across the asset management industry in the lead up to Brexit, overall things have been pretty calm in the wake of the “divorce”. Here, we discuss the latest Memorandum of Understanding and what it could mean for the industry.

Last week’s jobs data confirm our view that the US economy is gathering momentum; ISM services PMI will be today’s highlight; the US growth outlook remains very strong; Colombia reports March CPI

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.

Risk appetite is returning ahead of the Easter holidays. Equity markets are broadly higher, with gains of around 0.8% for EM Asian indices, the Nikkei adding 0.7%, and the EuroStoxx 600 up 0.5%. U.S. futures are pointing to a small positive open. Fixed income markets are stable after U.S. President Biden announced his fiscal plan, mostly as expected. The 10-year yield is at 1.72%. The dollar is mixed, weakening against EM currencies but slightly firmer against majors. Oil is bouncing back ahead of the OPEC meeting, with Brent up 1.5% to $63.7 per barrel.

Reports say that Biden new stimulus plan is around $2.25 tln; more details later today; Euro area inflation increased in March, but Laggard talks down any risk; Brazil's president Bolsonaro has reshuffled his cabinet towards a more centrist configuration, a short-term positive; Turkish central bank has a new deputy head; the lira remains under pressure; Indonesia's central bank now owns more bonds than offshore investors

Portfolio Manager, Michael Keller, discusses how the U.S. Large Cap Equity portfolio companies performed over the most recent quarter-end.

Portfolio Manager, James Evans, provides the most recent quarter-end results of the Inflation-Indexed Fixed Income Strategy.

Portfolio Manager, James Evans, provides an analysis of the investment environment and most recent quarter-end results of the Inflation-Indexed 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 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.

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

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

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

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

Portfolio Manager, Gregory Steier provides the most recent quarter-end results of the Municipal Fixed Income Strategy.

Portfolio Manager, Michael Keller, provides the most recent quarter-end results of the US Large Cap Equity Strategy.

The Archegos fallout and higher Treasury yields continue to cast a shadow of uncertainty over markets, but risk appetite is improving. In equity markets, most global indices are higher. The Nikkei managed a small gain, while EM Asia indices were up between 0.5-2.5%. In FX, the majors were little changed, but some EM currencies are under pressure (TRY -1.3% and INR -1.1%). The 10-year Treasury yields are making new cycle highs at 1.76%.

The next fiscal package is shaping up to be quite large and focusing on infrastructure. The EU has hardened its position towards AstraZeneca vaccines. Oil prices were under pressure from favorable news regarding the Suez Canal ship blockage. Geopolitical tensions surrounding China are set to worsen but probably not leading to disruptive action. BOJ minutes reinforced the bank's pro-active yet accommodative mode.

The first phase of the E.U.’s Sustainable Finance Disclosure Regulation (SFDR) focused on adherence to the E.U.’s ESG agenda, representing the industry’s arrival at basecamp. We outline the three remaining challenges as the focus now turns to the detailed SFDR RTS and Taxonomy alignment.

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.

Equities across the APAC region closed the week on the front foot, following the U.S. close higher on positive vaccine distribution news. The Nikkei and Shanghai Comp were both +1.5%. Oil resumed its journey higher as the container stuck in the Suez Canal showed no sign of moving (Brent is back to $63). Treasury yields were higher following the poor 7-year note auction yesterday, leaving the 10-year yields at 1.65%. The dollar is mostly weaker, down about 0.5% against commodity currencies (NOK, AUD, MXN) but slightly stronger against the yen. TRY is underperforming, with USD/TRY back above the 8.0 mark.

APAC equities were mixed with the Nikkei closing 1%, Chinese indices little changed, and the India Sensex down 0.7%. EU and UK showed signs that vaccine sharing could be achieved while FED Powel was bullish on unemployment and growth, and still looking through inflation. This helped stabilize equity markets in Europe, which are little changed to slightly lower. U.S. futures are slightly higher. The dollar is mixed but mostly trading in narrow ranges, same for sovereign debt yields. Brent crude declined 1% in Asia Efforts to dislodge the Suez Canal blockage continued with it likely being days before trade can resume.

We recently spoke with David Spray, founder of Export Advisors, about the impact of the Biden presidency on the IC-DISC.

Risk sentiment remains fragile across markets. U.S. 10-year Treasury yields are stable at just over 1.60% after a large downward move yesterday. Global equity markets are broadly weaker, especially in Asia, though U.S. equity futures are slightly higher. The dollar is mixed, weakening against commodity currencies (NOK, ZAR, MXN) but broadly weaker against most major currencies. Oil prices are staging a tentative rebound after the sharp drop over the last few sessions.

In 2020, sustainable and ESG funds took in a record $51 billion of capital, continuing a strong trend of asset growth. We at BBH have not rushed to launch a specific ESG product, but we appreciate the role that ESG factors played in helping protect client capital during last year's turmoil. To learn more about how our ESG integration helps us manage risk, please read on.

The same underlying risks continue to dominate market sentiment: concerns about rising yields, the threat of a third wave of the virus globally, the spat over the AstraZeneca vaccine, and US/Chinese tensions.

Turkish President Erdogan shocked the market by replacing the central bank governor, sending the lira on a tailspin; The virus dramas continue to deepen with some E.U. countries moving towards extending lockdowns and threatening to block vaccine exports to the U.K.; Market pricing for the first Fed hike continues to adjust towards earlier tightening; The increase in global yields has been a global phenomenon, but it has been happening faster and earlier in EM than in developed markets.; The PBoC kept its lending rates unchanged, as expected.

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.

Senior Wealth Planners Ali Hutchinson and Stacia Kroetz look at potential changes to the tax code under the Biden administration and explore tax planning considerations most relevant to our readers this year.

US Treasury yields are off their recent highs but the situation remains tense; market pricing for the first Fed hike continues to adjust; strong US data should keep pressure on US rates to move higher; Canada reports January retail sales; BOE delivered a dovish hold, as expected; Reports suggest the UK and EU may reach an agreement on financial regulation by the end of this month; Russia opted to kick off the tightening cycle

In the feature article of this issue, BBH Chief Investment Strategist Scott Clemons reflects on the economy and markets since the onset of COVID-19 and looks ahead at what is to come as the light at the end of the tunnel grows brighter.

Deputy Chief Investment Officer Justin Reed and Head of Investment Research Tom Martin discuss market timing. They explore its allure and pitfalls, stressing our belief that the adoption of a value-oriented, bottom-up investment approach, along with a long-term investment horizon and prudent rebalancing plan, is a far more compelling investment strategy.

Wealth Planning Associate Sara Turner covers considerations for those looking to help family members buy a home.

In this issue of InvestorView, we look at the markets and economy in 2021, examine the pitfalls of market timing and explore potential changes to the tax code under the Biden administration.

The FOMC delivered exactly what was expected; Chair Powell stuck with the party line; US yields continue to climb in the wake of yesterday’s FOMC decision; Brazil delivered a stronger tightening in its first move of the cycle

The Bank of Japan starts a two-day meeting Thursday. Given the massive fiscal stimulus in the pipeline, no change in the major monetary policy settings is expected. However, the policy review may result in some cosmetic changes that are likely to have very little market significance.

The FOMC ends a two-day meeting with a likely dovish hold this afternoon; markets are clearly not on board with the Fed’s messaging on rates US rates are at the highs ahead of the decision; February retail sales data are worth discussing; Canada reports February CPI; Brazil is expected to hike rates 50 bp to 2.5%

BBH Investment Management believes that engaging with companies and issuers to positively influence corporate behavior and reduce an investment’s risk profile is an important component of our bottom-up, research-driven investment process.

BBH Investment Management’s mission is to be the best at preserving and growing our clients’ capital over long periods of time. For over 80 years BBH Investment Management (IM) has performed its own investment research focusing on long-term capital preservation and the prudent management of risk relative to return.

The Bank of England wraps up its meeting with a decision Thursday. It is widely expected to remain on hold whilst acknowledging an improved economic outlook. Recent comments suggest little official concern yet about rising yields and so we believe gilt yields are likely to continue rising, lending sterling some support.

The FOMC begins a two-day meeting that ends with a decision tomorrow; February retail sales data will be the US data highlight; Fed manufacturing surveys for March have started to roll out; Brazil’s economy expanded faster than expected in January, which should embolden the central bank to validate the rate hikes priced in

The two-day FOMC meeting starts tomorrow and wraps up Wednesday afternoon. We expect another dovish hold, with Powell underscoring that Fed policy is going nowhere anytime soon. With the US economy surging, we suspect the Fed can do little to keep rates down and so the dollar is likely to continue benefitting from rising yields as a result.

Reports suggest President Biden is planning a major tax hike to help pay for the infrastructure bill; the US curve continues to steepen ahead of the FOMC meeting; Fed manufacturing surveys for March start to roll out

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.

US Treasury yields are back on the upswing; US PPI data will be the highlight; Canada reports February jobs data

US inflation concerns have eased, at least for now; the 10-year Treasury auction yesterday saw enough demand not to rattle markets but was by no means strong; President Biden got his first major political victory with the stimulus bill passing the House; February budget statement is worth discussing; Brazil reports February IPCA inflation; Peru is expected to keep rates steady at 0.25%

We highlight key insights from a recent discussion with Anne-Marie Slaughter and Juliette Kayyem on the future of women, wealth and work.

US inflation data take center stage; heavy US Treasury issuance continues; President Biden’s stimulus plan should be approved today in the House; February budget statement will draw some attention; Canada is expected to keep policy unchanged

The US fiscal stimulus narrative is by no means over; US 10-year yields are off their recent highs, now around 1.52%; volatility in the bond markets comes alongside US Treasury issuance this week; it was a perfect storm for Brazil; Mexico reports February CPI

The ECB meets Thursday and is widely expected to stay on hold. Macro forecasts will be updated and the bank will likely acknowledge the deteriorating outlook. We expect the ECB to eventually increase the pace of its PEPP purchases in the coming weeks and increase the size of the envelope around mid- year. There’s risk of more jawboning against rising yields but the strong euro is no longer a concern.

In our eighth annual ETF Survey, we outline the emerging trends in usage, selection, and demand for exchange-traded funds.

The US curve continues to steepen to new highs; near-term inflation expecations in the US contiue to rise, but longer-dated measures have been lagging, which can be seen as a positive sign for the Fed; US bond market faces some serious challenges this week; President Biden’s stimulus plan enters the final stretch

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.

February ADP private sector jobs report will be the highlight; the US growth outlook remains strong; Fed releases its Beige Book report; measures of inflation expectations in the US are showing a mixed picture

February ADP private sector jobs report will be the highlight; the US growth outlook remains strong; Fed releases its Beige Book report; measures of inflation expectations in the US are showing a mixed picture

At BBH we recognize that climate-related risks present significant challenges to society, the global economy, and financial markets.

February ADP private sector jobs report will be the highlight; the US growth outlook remains strong; Fed releases its Beige Book report; measures of inflation expectations in the US are showing a mixed picture

The US economy is gathering momentum in Q1; Democratic lawmakers are moving ahead with a relief package that does not contain a minimum wage provision; Senator Warren unveiled her proposal for a wealth tax

Our Female Finance Firsts feature showcases the achievements of 13 women who were pioneers in the finance and business fields.

Established in 1985, the UCITS fund structure is two years older than Rick Astley’s hit “Never Gonna Give You Up.” Ever since, investors in Europe and beyond have never given up on UCITS. We explain with a selection of the "greatest hits" from UCITS funds.

All eyes are on the US bond market this week; the dollar is the missing piece of the reflation trade as it builds on its Friday turnround; this week offers Fed officials a final opportunity to hone their message to the markets; February ISM manufacturing PMI will be the data highlight The ECB releases details of its bond-buying operations for last week; Germany reports February CPI; firm final eurozone February manufacturing PMI readings were reported BOJ stand ready to maintain YCC ahead of the policy meeting March 18-19; RBA announced a substantial increase of its YCC efforts by increasing the amounts and maturities of its purchases; the drama comes ahead of the RBA meeting tomorrow; Caixin reported softer China manufacturing PM; IHong Kong’s Hang Seng Index is overhauling its weightings and composition; Korea reported firm February trade data; crypto currencies have had a wild ride over the last few sessions