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.

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.

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.

The impacts of shortened settlement cycles in the U.S. are critical to asset managers and banks globally. What can you do now to prepare for the change?

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.

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.

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.

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.

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.

The two-day FOMC meeting starts today and wraps up tomorrow afternoon. We expect a 25 bp hike and a very hawkish tone from the Fed. We also conduct a survey of past Fed policy cycles and conclude that an H2 easing cycle is very unlikely. With risks to U.S. rates weighted to the upside, the dollar is likely to benefit from any bond market repricing of Fed policy.

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.

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.

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.

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.

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.

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.

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

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

Here's a look at the main drivers in Emerging 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 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

Fed speakers will be closely scrutinized this week; inflation expectations have risen after the perceived Fed pivot; July ISM manufacturing PMI was solid; German electricity prices are setting new record highs; ECB tightening expectations remain depressed; regional tensions remain high as U.S. House Speaker Pelosi visits Taiwan; reports suggest Japan will propose a record hike in the minimum wage; RBA hiked rates 50 bp to 1.85%, as expected; tightening expectations are adjusting accordingly after the pivot

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

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 got our first look at Q2 GDP and it wasn’t pretty; the GDP data means absolutely nothing with regards to Fed policy; June core PCE data will be important; July Chicago PMI will also be closely watched; July eurozone CPI readings came in very hot; Q2 eurozone GDP data came in stronger than expected; July Tokyo CPI was reported; BOJ board members remain worried about downside risks; given the long-standing monetary policy divergence, we can only explain the recent yen strength as a positioning washout; China reports official July PMI readings Saturday local time

The two-day FOMC ended with a 75 bp hike to 2.50%; market expectations for Fed tightening are diverging; Powell was suitably hawkish during his press conference; and reiterated the Fed’s laser focus on inflation; we get our first look at Q2 GDP; it looks like some fiscal stimulus is coming in the U.S. after all; eurozone confidence continues to plunge in July; ECB officials are starting to acknowledge recession risks; July eurozone CPI readings will start to roll out; BOJ Deputy Governor Amamiya sees wage gains picking up next year; Australia reported soft June retail sales

The Fed is widely expected to hike rates 75 bp to 2.50%; the press conference will be key; we think markets are setting themselves up for disappointment; the U.S. rates market continues to price in doom and gloom ahead of the FOMC decision; reports suggest Russia is likely to continue limiting natural gas shipments to Europe; markets are still repricing ECB tightening; German GfK consumer confidence was reported for August; the U.K. race for Tory leadership is sharpening up; Australia reported mixed Q2 CPI data

The two-day FOMC starts today and the Fed is widely expected to hike rates 75 bp to 2.50%; June Chicago Fed NAI is concerning; Brazil reports mid-July IPCA inflation; Russia announced plans to cut gas flow through the Nord Stream pipeline; the eurozone was already weakening and now the threat of gas shortages has risen dramatically; Hungary is expected to hike the base rate 100 bp to 10.75%; Japan’s Cabinet Office raised its monthly economic assessment in for the first time in three months; the RBNZ is reviewing its monetary policy response to the pandemic

U.S. rates are inching higher but continue to price in doom and gloom ahead of the FOMC meeting that begins tomorrow; June Chicago Fed NAI will be watched closely for further signs of recession; regional Fed manufacturing surveys for July will continue rolling out; ECB officials continue to send mixed messages; Germany remains the weak link in the eurozone; U.K. CBI released the results of its July industrial trends survey; new BOJ board member Takata said the economy still needs policy support; Singapore reported June 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 U.S. rates market continues to price in doom and gloom; regional Fed manufacturing surveys for July have been mixed; Mexico reports mid-July CPI; the ECB delivered a hawkish surprise; it also announced the creation of the so-called Transmission Protection Instrument (TPI); market sentiment waned as Madame Lagarde conducted her press conference; Italian political uncertainty has risen; preliminary eurozone July PMI readings came in weak; U.K. data came in slightly firmer than expected; Russia delivered a dovish surprise; South Africa delivered a hawkish surprise; Japan reported June national CPI data; Japan and Australia reported weak preliminary July PMI readings

It’s all about the ECB today; regional Fed manufacturing surveys for July will continuing rolling out; the ECB is widely expected to hike rates 25 bp; Italian politics have entered a dangerous new phase; the U.K. political outlook has gotten some clarity but the next Tory leader will inherit a terrible situation; South Africa is expected to hike rates 50 bp to 5.25%; Turkey kept rates steady at 14.0%, as expected; the two-day BOJ meeting ended with a dovish hold; Indonesia kept rates steady at 3.5%, as expected

Managers and distributors are increasingly obligated to engage investors on their ESG appetite. Adrian Whelan sets out the MiFID II Sustainability Preferences and other factors that firms should consider.

The slope of the U.S. yield curve is getting more concerning; Canada highlight will be June CPI data; reports suggest the ECB may consider a 50 bp hike tomorrow; other reports suggest the ECB is struggling to reach a compromise on its new anti-crisis tool; we see four possible outcomes tomorrow; Italian politics remain in flux ahead of a planned confidence vote today; the U.K. political outlook continues to solidify; the two-day BOJ meeting began today

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.

U.S. yields remain depressed on recession fears; the U.S. yield curve is flattening but nowhere near inverting; ISM manufacturing PMI will be today’s data highlight; June eurozone CPI came in hot; yet ECB tightening expectations have softened; Japan reported June Tokyo CPI; Q2 Tankan survey was mixed; the Antipodean currencies remain under pressure; Caixin reported its June manufacturing PMI

Fed Chair Powell made some rare comments about the dollar; Chicago PMI will be today’s highlight; May core PCE will be closely watched; Colombia is expected to hike rates 150 bp to 7.5%; BOE Governor Bailey did sterling no favors; the Riksbank hiked rates 50 bp to 0.75%, as expected; Japan reported weak May IP and housing starts data; China reported strong official June PMI readings

Fed officials remains hawkish; regional Fed manufacturing surveys for June were uniformly weak; reports suggest the internal debate about the ECB crisis tool continues; June eurozone CPI readings take center stage; Hungary delivered a hawkish surprise; Japan reported May retail sales and June consumer confidence; Australia reported strong May retail sales