The dollar is ending a good week on a solid note. DXY is trading just below 93 and is up two straight days and six of the past seven. Further gains are expected and it should eventually test the March 31 high near 93.437. The euro remains heavy after the ECB decision (see below) and the clean break below $1.18 sets up a test of the March 31 low near $1.1705. Sterling is having trouble breaking back above $1.38 as economic uncertainty picks up.

U.S. 10-year yield is trading around 1.30%; central bank divergence will be underscored today with the ECB decision; weekly initial jobless claims will be closely watched; Fed manufacturing surveys for July will continue to roll out; Republican Senators blocked debate on the infrastructure package; a battle over the debt ceiling is brewing; Mexico reports mid-July CPI data; Colombia announced a $4 bln tax plan to shore up public finances; the ECB decision should bring hints of further easing;

BBH 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.

Given the absence of any fresh drivers, markets are continuing with the recent recovery in risk appetite; U.S. fiscal policy remains highly uncertain ahead of a key Senate vote; Peru’s elected leftist president Pedro Castillo had his victory finally confirmed after weeks of dispute; U.K.-EU relations are set to flare up again

Risk off impulses have quieted down, at least for now; U.S. stock futures are higher today after falling yesterday in sympathy with the general risk off mood; the U.S. fiscal outlook remains unclear

The dollar remains firm as the new week begins in risk off mode. DXY is up for the third straight day and is trading at the highest level since April 5 near 93. Further gains are expected as it moves toward a test of the March 31 high near 93.437. The euro remains heavy ahead of the ECB decision Thursday and the break below $1.18 sets up a test of the March 31 low near $1.1705. Sterling is also trading heavy as the government’s pandemic response comes under renewed scrutiny (see below). Cable is about to test the April 12 low near $1.3670 and further losses are likely. USD/JPY remains under pressure as risk off sentiment continues to take hold, though near-term support is seen around the July 8 low just above 109.50.

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.

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.

• Powell stuck to the same tone on the second day of his testimony, while Bullard said it was time to end emergency measures. More hawkish comments out of the BoE yesterday, pressured short-end rates higher. Cases in the UK rose to the highest in six months. The BoJ policy meeting was uneventful, with no policy change and some headlines around the “green lending plan”; Higher CPI numbers validate the RBNZ’s hawkish stance

Markets are still on board with Fed Powell’s reassuring message on inflation. The BoK kept rates unchanged while also tapering its bond purchases; Chile’s central bank joined Brazil and Mexico in their tightening cycle, while Turkey and Korea left rates unchanged, as expected. Crude continues its downward slide after U.S. supply data and signs that a supply deal on OPEC+ might be at hand

Floating-rate loans are offering better value than high yield bonds due to similar yields, protection from interest-rate risk, and the benefits of being a secured lender. Converging features of loans and bonds argue for more opportunistic loan strategies that can focus on the most attractive values from both market segments. To learn more about the value in the loan market and the convergence in high yield, please read on.

The growing hawkishness of many central banks globally is fully on display this month; U.S. inflation readings will remain in focus; U.S. Treasury completed its note and bond issuance for the week; the Fed releases its Beige Book report for the upcoming FOMC meeting; Chair Powell testifies before the House today and the Senate tomorrow; BOC is likely to taper again; Chile is expected to hike rates 25 bp to 0.75%

U.S. inflation readings will come into focus; we believe that the continued low rate environment will give the Fed more confidence to taper; U.S. Treasury issuance continues

This issue of Women & Wealth Magazine focuses on sustainability – both personal and global. We speak with the co-founders of Sakara Life about building a successful plant-based meal delivery business, explore how to build and maintain personal resilience, share insights on engaging the next generation in philanthropy and take a look at the sustainable clothing industry.

In the feature article of this issue of Women & Wealth Magazine, we speak with Danielle Duboise and Whitney Tingle, co-founders and co-CEOs of Sakara Life, who started the company with $700. Now, Sakara Life has delivered millions of organic plant-based meals nationwide, enabling customers to transform their lives through the power of food as medicine.

Struggling is not bad! We recently spoke with Karen Reivich, Ph.D., who talks about the how and why of regularly flexing and exercising your resilience skills, particularly during challenging times.

BBH Partner Kathryn George and Senior Wealth Planner and Director of Philanthropic Advisory Kerri Mast discuss how to best approach engaging the next generation in family giving – and some strategies for when it doesn’t go as you expected.

We speak with Trina Assur, co-founder of The Phoenix Brand, about what inspired her to launch the sustainable clothing line, the challenges of starting a business at the onset of COVID-19 and the importance of remaining true to your values and mission in a growing space.

The central bank divergence story is likely to come back into focus this week; U.S. Treasury note and bond issuance picks up again; the U.S. growth outlook for Q2 remains strong; Peru left rates unchanged Friday but the changes in forward guidance suggest officials are getting ready to hike soon; ECB asset purchases for the week ending July 9 will be reported; ECB President Lagarde is flagging further easing of some sort; U.K. will fully reopen July 19 even as Prime Minister Johnson urges caution

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 are approaching the weekend with markets searching for direction; jobless claims yesterday were mixed; consumer credit continues to grow; Canada reports June jobs data; Mexico June headline inflation came in at 5.88% y/y, slightly higher than expected and definitely enough to justify Banxico’s hawkish turn; Brazil inflation for June came in slightly below forecast at 8.35% y/y; Brazil intervened in FX markets yesterday for the first time since March to stem the sharp reversal of the real

The strong flattening trend in the U.S. yield curve that stated in mid-May has accelerated; FOMC minutes were released; some minor data will be reported; Mexico reports June CPI; Peru is expected to keep rates steady at 0.25%; ECB will announce the results of its strategy review; it also releases its account of the June 10 meeting

The divergence theme remains intact; FOMC minutes will be released; the bond market continues to confound; May JOLTS job openings will be reported; Canada reports June Ivey PMI; concerns about vaccine efficacy in Israel are giving global investors some trepidation

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 believe that the central bank divergence story will be one of the major drivers for FX in H2; US jobs data will be the highlight; other important snapshots for June point to underlying strength in the economy; Canada reports May building permits, trade, and June Markit manufacturing PMI; Fitch downgraded Colombia’s long-term foreign currency rating from investment grade (IG) to high yield (HY)

June ISM manufacturing PMI will be the highlight; weekly jobless claims data are expected to show continued improvement in the labor market; jobs data tomorrow are coming into focus; Fed speakers are likely to continue pushing the more hawkish narrative

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

ADP reports June private sector jobs; Chicago PMI will also be reported; U.S. equities made another all-time high yesterday; Fed officials continue to tilt hawkish; NYT article today plays up a split on the FOMC; Canada reports April GDP

All eyes are on the jobs report Friday; some reports suggest ending enhanced unemployment benefits have not yet led to a boost in employment; Fed speakers are likely to continue pushing the more hawkish narrative this week; Fed manufacturing surveys for June will wrap up today; Colombia is expected to keep rates steady at 1.75%; Boris Johnson’s government is under the microscope during a key week

ESMA's recently released Annual Report covers several areas of focus for regulators in the next few years to come. Here, we break down the top 10 things to know about the future of ESMA.

All eyes are on the jobs report Friday; some reports suggest ending enhanced unemployment benefits have not yet led to a boost in employment; Fed speakers are likely to continue pushing the more hawkish narrative this week; Fed manufacturing surveys for June will wrap up today; Colombia is expected to keep rates steady at 1.75%; Boris Johnson’s government is under the microscope during a key 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.

U.S. yields and the dollar remain subdued; we are agreement with Bullard and Kaplan's comments yesterday and look for tapering by end-2021; core PCE for May will be reported; President Biden announced a tentative infrastructure deal with a group of ten centrist Senators from both parties; Mexico took the plunge into the hawkish camp with a surprise 25 bp rate hike yesterday to 4.25%; Brazil quarterly inflation report reinforced the trajectory of hikes from the statement

As asset managers and financial institutions map out the future of their business, asset servicers will play a pivotal role in driving ideal outcomes.

Since the Fed’s hawkish hold last week, inflation expectations have fallen dramatically; Fed manufacturing surveys for June will continue to roll out; weekly jobless claims data will be reported; we get another revision to Q1 GDP; Mexico is expected to keep rates steady at 4.0%; Chile central bank minutes were on the hawkish side, confirming a hike is coming in the next few meetings

Fed Chair Powell delivered no surprises in his Congressional testimony yesterday; we believe tapering is closer than markets appreciate; Markit preliminary June PMI readings will be the highlight; minutes from Brazilian Central Bank (BCB) were decidedly hawkish

U.S. yields have rebounded sharply; Fed speakers will be plentiful; Fed manufacturing surveys for June will continue to roll out; Brazil central bank minutes will be released; the remarkable divergence within Latin America continues as the Brazilian real bucks the regional trend

In this article, we explain how managers based in Greater China can look to optimize their foreign exchange process and oversight.

The U.S. yield curve continues to flatten; cross market measures of implied volatility have reawakened from the recent doldrums; with the media embargo over, Fed speakers will be plentiful this week; the U.S. growth outlook for Q2 remains strong

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.

Meetings this week underscore our long-standing call for widening central bank divergences; at the heart of the matter is that those economies that were in strong shape before the pandemic are seeing strong recoveries; markets seem to be especially fixated on the huge move in the 5- to 30-year part of the U.S. Treasury curve; weekly jobless claims data were disappointing

The FOMC delivered a hawkish hold, as we expected; Chair Powell gave an upbeat outlook at the press conference; June Fed manufacturing surveys will continue to roll out; weekly jobless claims data should show continued healing of the labor market; Brazil delivered a 75 bp hike to 4.25% and signaled another one August 4, both as expected but added a hawkish tilt

The two-day FOMC meeting ends with a decision this afternoon; May PPI surprised to the upside; May retail sales data are worth discussing; Canada reports May CPI; Brazil COPOM is expected to hike rates 75 bp to 4.25%

U.S. rates have rebounded a bit ahead of today’s key data and tomorrow’s FOMC decision; May PPI and retail sales will be reported; June Fed manufacturing surveys will start to roll out

The two-day FOMC meeting starts tomorrow and wraps up Wednesday afternoon. We expect a hawkish hold stemming from a shift in the Dot Plots, upgraded economic forecasts, and potential tapering talk.

U.S. rates remain low as we enter a crucial week for the bond market; first and foremost is the risk of a hawkish hold from the Fed; ahead of the FOMC decision Wednesday, the market will get some key U.S. data tomorrow

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 G-7 summit begins today in Cornwall; May CPI data surprised the upside; yet U.S. rates continue to fall; next week’s FOMC meeting is coming into focus; weekly jobless claims data show continued healing of the labor market; Peru left rates on hold at 0.25% last night, as expected

Many emerging market (EM) economies are also facing near-term inflation shocks, but there has been a wide divergence between how central banks are facing it. Some have reacted by frontloading hikes, while others have stuck to a strategy of talking down inflation risks.

May CPI data will be the data highlight; weekly jobless claims data will be reported; BOC kept policy steady, as expected; Peru is expected to keep rates steady at 0.25%; Brazil’s May IPCA inflation came in decidedly strong; the ECB is expected to extend its accelerated asset purchases into Q3

With the implementation of CSDR underway, this document provides updates on the key questions and details which are under discussion in the industry.

As part of our eighth annual ETF Survey, we broke out Greater China respondents to outline the emerging trends in usage, selection, and demand for exchange-traded funds in the region.

U.S. JOLTS job openings came in very strong in April; The U.S. growth outlook for Q2 also remains strong; BOC is expected to keep policy steady; last night, Chile delivered a hawkish hold and is yet another sign that the global liquidity story is at an inflection point; Brazil and Mexico report May inflation

Adrian Whelan sits down with Lata Vyas to discuss the latest development in the ELTIF and how it is finding ways to make private markets available to a broader market.

U.S. fiscal policy remains a big unknown; today is a light day in North America; Chile is expected to keep rates steady at 0.50%; Peru’s electoral board has not yet announced an official winner for the presidential race; BRL continues to test the R$5.00 level even as fiscal headlines weigh on fixed income markets

We are at an inflection point with regards to global monetary policy and liquidity. Some major central banks have already started tapering asset purchases, while others are inching closer to doing so.

We do not believe that tapering discussions have been derailed by the jobs report; the other big unknown right now is fiscal policy; the ruling party in Mexico (Morena) suffered a notable defeat in the midterm elections and lost its super-majority in the lower house; initial tallies from Peru’s crucial presidential runoff elections show surprising gains for Keiko Fujimori

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.

May jobs data will be the highlight; ISM services PMI surprised to the upside; weekly jobless claims data are worth discussing; Chair Powell is the only Fed speaker today; Canada also reports May jobs data; Chilean assets were hit yesterday by a potential bill allowing investors to fully withdraw their pension savings

ADP reports private sector jobs data; ISM services PMI will be very important; weekly jobless claims data will be watched closely; the Fed was upbeat in its Beige Book report for the upcoming June 15-16 FOMC meeting

We speak with Drew Lichter, vice president of corporate strategy and development at Mobius Risk Group, about the advantages of using financial instruments and market strategies to hedge against commodity price risk.

Owner to Owner examines issues around growth, liquidity and control in private business ownership, speaks with a 110-year-old family business and examines lessons for the intersection of business, personal values and philanthropy.

Tom Martin, Matt Sweetser and Christine Hourihan provide an overview of the business environment on three fronts: the overall economy, the credit markets and the private equity and mergers and acquisitions markets.

Growth, liquidity and control are all interests core to private business owners, but they don’t always align. In the feature article of this issue, we speak with Rob Lachenauer, Managing Partner of BanyanGlobal, and Ben Persofsky, Executive Director of the BBH Center for Family Business, about the complications that arise around these strategic decisions when there are multiple owners with different priorities and how private business owners can best manage these competing interests.

We sit down with Victoria Mars, former chairman and first corporate ombudsman of Mars, to discuss running a successful family business for 110 years, engaging family members after five generations and leveraging values and principles to maintain focus.

We examine the story of Madam C.J. Walker, America’s first female self-made millionaire and a Black woman, which offers some useful lessons for the intersection of business, personal values and philanthropy.

Fed releases its Beige Book report for the upcoming June 15-16 FOMC meeting; add St. Louis Fed President Bullard to the list of Fed officials that are tilting more hawkish; yesterday’s survey data points to ongoing strength in U.S. economy; USD/CAD traded at a new low for this move just above 1.20 yesterday before recovering; Banco de Mexico releases its quarterly inflation report

Regulators are reviewing how gamification and other tech led sales techniques sit within their Regulation Best Interest framework after the recent Robinhood/GameStop events. Here, we discuss their considerations.

ISM PMI readings will be watched to see if they mirror last week’s blockbuster survey readings; Fed manufacturing surveys for May will wind up with Dallas today; Canada reports Q1 GDP and Markit May PMI

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

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. core PCE has taken on greater importance as the inflation debate rages; May Chicago PMI will be reported and there are upside risks to the consensus 68.0; weekly jobless claims data are worth a mention

Fed manufacturing surveys for May will continue to roll out; weekly jobless claims data will be watched closely; we get the first revision to Q1 GDP; Banco de Mexico minutes will be released

The drop in U.S. yields continues; more Fed officials are talking about talking about tapering; Hungary left rates on hold at 0.60% yesterday but confirmed its hawkish stance; RBNZ unexpectedly delivered a hawkish hold;

Markets have to start pricing in a slightly more hawkish Fed going forward; stronger U.S. data ahead should feed into further tapering talk at the June 15-16 FOMC meeting; Mexico reports mid-May CPI; the prospect of left turn in Brazil’s politics is rising

More and more asset managers are reviewing operational functions like Currency Hedging and reassessing how they are managing their programs following some of the highest market volatility in years. Here, we explain some critical aspects for consideration.

Markets have to start pricing in a slightly more hawkish Fed going forward; stronger U.S. data ahead should feed into further tapering talk at the June 15-16 FOMC meeting; Mexico reports mid-May CPI; the prospect of left turn in Brazil’s politics is rising

There is some good news and some bad news regarding the Packaged Retail Investment and Insurance Products (PRIIPs) regulation. Here, we explain the updates and the five pain points that remain.

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.

Higher U.S. real rates are not doing the dollar any favors; preliminary May Markit PMI readings will be the highlight; research by the SF Fed suggests anecdotes of enhanced unemployment benefits keeping workers home are overstated; Canada reports March retail sales; BOC Governor Macklem delivered a sobering message regarding the housing market

FOMC minutes show that the Fed is now talking about talking about tapering; Kaplan is the only Fed speaker today; the Dot Plots for the June 15-16 FOMC meeting will take on more significance; Fed manufacturing surveys for May will continue to roll out; weekly jobless claims data will be closely watched

Key FOMC minutes will be released; Canada reports April CPI; Banco de Mexico official signaled low likelihood of any more rate cuts

With Fed officials remaining dovish as data paint a mixed picture for the U.S., markets are taking the dollar lower; Kaplan speaks today; Fed manufacturing surveys for May have started to roll out; Chilean assets have come under heavy pressure with the strong performance of far-left parties in the Constitutional Assembly elections

The dollar remains under pressure as U.S. rates continue to fall.

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 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.

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.

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

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.

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.

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.

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.

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

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

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.