Starting a transformation program can be daunting, but with the right formula organizations can deliver real business value.

Prenups are often portrayed in a negative light, but when approached the right way, they can be a practical way to make things a lot easier down the road, if a relationship doesn’t work out. Here’s what to know.

You’ve decided to join together in holy matrimony, but does that include joining your finances? BBH’s Next Gen newsletter The Fresh Take takes a closer look.

In our spring Next Gen Spotlight, Caroline Flores sits down with Allie Doppelt of Michael Doppelt Diamond Company to talk about leaving a corporate job to join the family business, and why buying a diamond is more like building a long-term relationship than just purchasing jewelry.

As the world watches the U.S. market plan for a T+1 cycle for securities settlement, other countries are assessing similar moves. BBH is working with clients to help them optimize their global operating models and support their readiness for this major industry shift.

Markets remain jittery after weekend developments; Fed tightening expectations have fallen ahead of the FOMC decision Wednesday; market easing expectations have run wild because the media blackout has precluded any Fed speakers BOC tightening expectations have also been dragged lower; markets are still digesting the announced deal for UBS to buy Credit Suisse for CHF3 bln; ECB tightening expectations have fallen significantly since last week’s decision; BOE tightening expectations have also fallen ahead of its decision Thursday; BOJ released its summary of opinions from the March 9-10 meeting; RBA Deputy Governor Kent said the nation’s banking system remains strong; Taiwan reported weak February export order

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 biggest banks in the U.S. agreed to deposit $30 bln with First Republic Bank in an effort to reassure depositors; banks borrowed a combined $164.8 bln from two Fed backstop facilities in the most recent week; Fed tightening expectations remain depressed; the labor market remains strong; the manufacturing sector continues to weaken; Michigan preliminary March consumer sentiment will be closely watched; ECB hiked rates 50 bp, as we expected; President Lagarde maintained s delicate balance in her press conference; Lagarde stressed that there is no trade-off between price and financial stability; the détente didn’t last long as ECB hawks went on the warpath; Russia kept rates steady at 7.5%, as expected; Japan-Korea traded tensions are easing; PBOC cut reserve requirements for commercial banks by 25 bp; Thai Prime Minister Prayuth dissolved parliament to set up general elections in May

Adrienne Penta, the executive director of the Center for Women & Wealth, explores 10 important strategies for raising children to be responsible stewards of wealth. It is never too late to start!

Markets have calmed but financial stability risks remain in play; Fed expectations have downshifted because of the SVB failure; February PPI surprised to the downside; retail sales data were mixed; regional Fed surveys for March will keep rolling out; the SNB finally committed to a full back stop of troubled Credit Suisse; the ECB decision today is going to be a close call; U.K. Chancellor Hunt announced an expansionary budget; BOE tightening expectations have evaporated; Japan reported January trade and core machine orders; recent data should keep the Bank of Japan on hold near-term; Australia reported firm February jobs data; New Zealand reported weak Q4 GDP data; Indonesia kept rates steady at 5.75%, as expected

It’s looking more and more like SVB is a rather unique situation; reports suggest the Fed is considering changes to its regulations regarding midsize banks; Moody’s downgraded the outlook for the entire U.S. banking system; Fed expectations have downshifted because of the SVB failure; CPI data yesterday underscore the need for further Fed tightening; PPI will be reported today; retail sales data will also be important; regional Fed surveys for March will start rolling out; reports suggest the ECB is still likely to hike the deposit rate 50 bp to 3.0% tomorrow; eurozone reported January IP; U.K. highlight will be the spring budget presentation; Sweden February CPI ran hot; minutes of the January 17-18 BOJ meeting were released; New Zealand reported a record current account deficit for Q4; China reported January-February IP and retail sales data

Markets are starting to see a measure of calm return; Fed tightening expectations remain lower because of the SVB failure; markets are flying blind in terms of how the FOMC views this current situation; the Fed said it is launching an internal probe of its supervision of SVB; February CPI data today may force markets to refocus on the economic fundamentals; German 2-year yield has been dragged lower; U.K. reported solid labor market data; BOE tightening expectations have fallen; Japan yields have been dragged lower by the global bond rally; RBA tightening expectations have also been impacted by SVB

John Secor, Ajit George, Kyle Gordon, and Carson Christus of our Corporate Advisory team outline five options for family business owners that are committed to formalizing a dividend policy.

Markets remain jittery as financial stability concerns remain at the forefront; Fed expectations have downshifted sharply in the wake of the SVB failure; ECB tightening expectations have fallen; HSBC will buy the U.K. arm of SVB for one pound; BOE tightening expectations have fallen nonetheless; Japan reported weak Q1 BSI business conditions

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. bank stocks were pummeled yesterday; February jobs report will be the highlight and is a large piece of the overall Fed puzzle; Fed tightening expectations remain elevated but have come off the highs after the SVB news; Canada also reports jobs data; monthly U.K. data dump was mixed; BOE tightening expectations remain steady; Norway reported soft February CPI data; two-day BOJ meeting ended with no change; the risk of a hawkish surprise from the BOJ was the only thing propping up the yen in recent sessions; the China reopening trade continues to unravel

Fed Chair Powell stayed strictly on message; Fed Beige Book report painted a mixed picture; reports suggest Northwestern University Professor Janice Eberly has emerged as the frontrunner to succeed Lael Brainard as Fed Vice Chair; ADP and JOLTS added to the buoyant labor market outlook; BOC kept rates steady at 4.5%, as expected; Peru is expected to keep rates steady at 7.75%; divisions within the ECB have burst into the open; a more hawkish ECB is not necessarily a good thing for the euro; Kazuo Ueda is one step closer to becoming the next Governor of the BOJ; Japan final Q4 GDP data were revised weaker; China reported weak February CPI and PPI data; Bank Negara kept rates steady at 2.75%, as expected

Travis Dunn provides an overview of family business governance, including its definition and purpose, benefits, resource commitment, and steps to begin implementation.

Jim Tessmer, BBH’s Head of Digital Product Strategy, sits down with Dave Cowing of NovusNorth to discuss how BBH considers building digital experiences for clients.

Fed Chair Powell was unmistakably hawkish; Powell’s comments are especially powerful as they come just weeks ahead of the March 21-22 FOMC meeting; Fed Beige Book for the upcoming FOMC meeting will be released; ADP private sector jobs estimate will be today’s highlight; BOC is expected to keep rates steady at 4.5%; the eurozone stagnated in Q4; eurozone January readings came in mixed; BOE officials remain dovish; the yen continues to weaken ahead of the BOJ decision this Friday; January current account data are worth discussing; RBA Governor Lowe echoed the bank’s dovish hike; the move to a less hawkish stance by the RBA even as the Fed ratchets up its rhetoric points to widening monetary policy divergences

Industry specialists share what firms need to do to prepare for the adoption of a new messaging standard, as well as the downstream benefits and impacts.

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

For asset managers, ensuring that their distribution, the experience they give to their clients, and their product diversification are fit for operating in a new environment is critical. At the inaugural BBH Insights Exchange event, industry experts discussed challenges that firms may face and how they can adapt.

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.

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

U.S. yields continue to rise; Goolsbee seemed to downplay market reactions to new developments; ISM manufacturing PMI will be today’s data highlight; Canada GDP data came in soft; eurozone February CPI data continue to roll out; the split in ECB officials remains in place; final eurozone manufacturing February PMI readings were reported; Italy’s budget deficits for the past three years were revised significantly higher; senior DUP official was lukewarm about the proposed Brexit deal; BOE Governor Bailey sounded more hawkish than usual; BOJ officials remain cautious; Australia reported January CPI and Q4 GDP; China reported firm official February PMIs; reports suggest the recovery has caught policymakers by surprise; Korea reported February trade data

Global yields are rising as the fight against inflation proves difficult; Fed Governor Jefferson rejected the idea of raising the inflation target; Chicago PMI will be the data highlight; regional Fed surveys for February will continue rolling out; Canada reports Q4 and December GDP data; eurozone February CPI data have so far surprised to the upside; ECB tightening expectations are drifting higher; U.K. and E.U. finally reached a deal on the Norther Ireland Protocols but there is absolutely nothing to get bullish about; Hungary is expected to keep the base rate steady at 13.0%; confirmation hearings for the BOJ Deputy Governors nominations suggest policy continuity; expected BOJ liftoff is not imminent; Japan reported January IP, retail sales, and housing starts; Australia reported solid economic data

U.S. yields continue to rise; Fed tightening expectations remain elevated; regional Fed surveys for February will continue rolling out; ECB President Lagarde continues to tread the middle ground; ECB tightening expectations are drifting higher; BOJ Governor-elect Ueda had his second confirmation hearing today; reports suggest five major Japanese power companies will be forced to delay plans to hike prices until May or later

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.

January PCE will be the data highlight; Fed tightening expectations remain elevated; yet financial conditions continue to loosen; weekly jobless claims remain low; January Chicago Fed NAI came in firm; Brazil reports mid-February IPCA inflation and January current account data; Germany revised Q4 GDP data down; ECB hawks remain vocal; U.K. reported improved February GfK consumer confidence; BOE tightening expectations have crept higher; BOJ Governor-elect Ueda seemed to set the table for an eventual policy shift; expected BOJ liftoff is not imminent; Japan reported January national CPI data; RBNZ Assistant Governor Karen Silk sounded hawkish

FOMC minutes tilted hawkish; the Fed noted the importance of financial conditions matching policy; weekly jobless claims will be closely watched; January Chicago Fed NAI will be important; we get a revision to Q4 GDP; final February eurozone inflation readings were revised higher; some BOE officials remain hawkish; Turkey cut rates 50 bp to 8.5% vs. 100 bp expected; RBNZ Governor Orr suggested jumbo rate hikes are a thing of the past; Korea kept rates steady at 3.5%, as expected

U.S. yields continue to rise; FOMC minutes will be closely watched; Fed tightening expectations remain elevated; preliminary S&P Global PMIs came in strong but housing sector data show continued weakness; Canada data came in soft yesterday; Germany reported a mixed February IFO business climate survey; ECB doves remain vocal; U.K. Chancellor Hunt is downplaying notions of a fiscal windfall; BOE tightening expectations have picked up; two major Japanese car companies have agreed to large-sale wage hikes; Australia reported Q4 wage price index; RBNZ hiked rates 50 bp to 4.75%, as expected

Adrienne Penta, executive director of the Center for Women & Wealth, and Ben Persofsky, executive director of the Center for Family Business, sit down to explore their insights on how family businesses can be inclusive in developing future leaders.

U.S. yields continue to rise; we get some key February survey readings; housing sector data are expected to show continued weakness; Canada highlight will be January CPI data; eurozone and U.K. reported firm preliminary February PMI readings; Germany reported firm February ZEW readings; U.K. posted a surprise budget surplus in January; Israel delivered a hawkish surprise and hiked rates 50 bp to 4.25% vs. 25 bp expected; 10-year JGB yield rose above the 0.50% YCC ceiling for the first time since January; Japan and Australia reported preliminary February PMI readings; RBA released hawkish minutes; New Zealand reported Q4 PPI data; Korea reported soft trade data for the first 20 days of February

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.

It appears that inflation is not so easily vanquished after all; U.S. yields continue to rise; Fed hawks are getting more vocal; we don't think 50 bp is likely at the March 15-16 FOMC; the labor market remains strong; ECB hawks are pushing back against the doves; ECB tightening expectations have picked up; U.K. reported firm January retail sales; BOE Chief Economist Pill continues to sound dovish; RBA Governor Lowe testified before Parliament; New Zealand Finance Minister Robertson acknowledge the likely impact of the Auckland floods due to Cyclone Gabrielle; the floods will certainly complicate the RBNZ’s job

January PPI will be today’s highlight; January retail sales data were red hot; U.S. financial conditions continue to loosen; Fed manufacturing surveys for February continue rolling out; CBO warned that the U.S. government could be at risk of a default as soon as July; ECB doves are getting more vocal; top adviser to the EU Court of Justice rendered an opinion on CHF-denominated mortgage loans that is very negative for Polish banks; Japan reported January trade data and December core machine orders; Australia reported soft January jobs data; Philippines hiked rates 50 bp to 6.0%, as expected; Indonesia kept rates steady at 5.75%, as expected

January CPI data suggests the fight against inflation is nowhere near over; Fed officials sounded hawkish yesterday; January retail sales data today will give us a read on the real economy; Fed Vice Chair Brainard will indeed head up the NEC; regional Fed manufacturing surveys for February start rolling out; Canada reports some minor data; political risk remain high in Brazil; eurozone reported weak December IP and trade data; the U.K. reported soft January inflation data; Scottish political uncertainty has risen with the shock resignation of First Minister Nicola Sturgeon; RBA Governor Lowe pushed back against recent criticism; the IEA boosted its forecasts for global oil demand due to China reopening

January CPI data will be the highlight; Fed tightening expectations remain high; Fed Vice Chair Lael Brainard will reportedly leave to become Director of the National Economic Council; U.K. labor market data came in solid; Turkish policymakers are taking measures to support local markets; BOJ nominations were formally submitted to Parliament; Japan Q4 GDP data came in soft; HKMA intervened for the first time since November

U.S. yields continue to edge higher ahead of key inflation data this wee; the European Commission released updated macro forecasts; ECB doves are starting to push back; BOE MPC member Haskel added to the Brexit chorus; falling JGB yields suggest expected BOJ liftoff is not imminent; RBA Governor Lowe is coming under fire for holding a closed door meeting with banks; Singapore Q4 GDP data were revised down

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.

Similar to Sweden yesterday, Norway provided another wake up call to the markets; Fed tightening expectations remain elevated; CPI revisions will be closely studied; February University of Michigan consumer sentiment may be a minor highlight; Canada highlight will be January jobs report; Mexico delivered a hawkish surprise with a 50 bp hike to 11.0% vs. 25 bp expected; Brazil policymakers are reportedly considering an early review of the inflation targets; Italy reported firm December IP; U.K. data dump began; Norway January CPI ran hot; Russia kept rates steady at 7.5%, as expected; reports suggest Kazuo Ueda will be nominated to be BOJ Governor; RBA released its Statement on Monetary Policy; China reported January CPI and PPI

The Riksbank decision has implications for global markets; Fed officials are falling in line with Powell; financial conditions continue to loosen; weekly jobless claims will be the only data highlight; the summary of deliberations show that the BOC debated either holding rates or hiking them at the January meeting; Mexico is expected to hike rates 25 bp to 10.75%; Peru is expected to hike rates 25 bp to 8.0%; Germany reported January CPI; BOE officials are sounding very dovish; Riksbank hiked rates 50 bp to 3.0%, as expected.; reports suggest some in the ruling LDP would oppose former BOJ Deputy Governor Yamaguchi’s nomination to the top post; Japan reported weak January machine tool orders

Fed Chair Powell stuck to his message yesterday; we think he took the right tone; we look for a hawkish shift in the March Dot Plots; BOC will release the account of its last policy meeting; Governor Macklem delivered a preview of the account in a speech yesterday; Italy reported soft December retail sales; the U.K. Tories will likely call the next general elections in H2 2024; Poland is expected to keep rates steady at 6.75%; Borsa Istanbul halted trading for the first time in 24 years; there may be a growing consensus in Japan to increase wages; Japan reported December current account data; India hiked the repo rate 25 bp to 6.5%, as expected

Recent developments support our view that market had gotten too optimistic about the two major market drivers; Fed Chair Powell’s speech today will be the highlight; Germany reported weak December IP; BOE policymakers Ramsden, Pill, and Cunliffe speak; Japan reported December cash earnings and household spending data; RBA hiked rates 25 bp to 3.35%, as expected; Australia also reported soft December trade data; Taiwan reported weak January trade data

The strong Friday data had obvious implications for Fed policy; U.S. yields are finally showing some signs of life; the dollar has gained but it’s not just from the Fed side Canada reports January Ivey PMI; ECB hawks are being very vocal; eurozone reported soft December retail sales; Germany reported firm December factory orders; BOE MPC member Mann remains hawkish; SEK traded at its weakest since 2009; reports suggest the government will submit its nominations for the BOJ posts to parliament next week; Australia reported soft Q4 real retail sales

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.

In 2023’s first FX quarterly, strategists examine the Fed’s pivot and China’s reopening. Here is a synopsis of what is included in this quarter’s outlook.

Markets are still digesting this week’s spate of central bank actions; January jobs report will be the highlight; January ISM services PMI will also be important; Colombia reports January CPI Saturday; ECB hiked all rates by 50 bp, as expected; just like the FOMC Wednesday, the fireworks came during the press conference; final eurozone services and composite PMIs were reported; BOE Chief Economist Pill speaks today; BOE tightening expectations have fallen sharply; U.K. reported final services and composite PMIs; Japan reported final services and composite PMIs; Australia reported final services and composite PMIs

The two-day FOMC meeting ended with the expected 25 bp hike; cracks in the hawkish façade came in the Q&A; Powell did not push back at all against the current looseness in financial conditions nor did Powell push back against dovish market expectations of Fed policy; ADP came in lower than expected ahead of January jobs data tomorrow; the labor market picture will be rounded out by a bunch of data today; the ECB is expected to hike rates by 50 bp; Germany reported very weak December trade data; the BOE hiked rates by 50 bp, as expected; Czech Republic is expected to keep rates steady at 7.0%; BOJ Deputy Governor Wakatabe signaled no near-term policy changes; Korea reported higher January CPI

In this issue of InvestorView, we discuss our outlook for the markets and economy in 2023, explore how to guide trustees to ensure that trust distributions are rooted in purpose, and look at how to manage cognitive bias.

In the feature article of this issue of InvestorView, BBH Chief Investment Strategist Scott Clemons covers our outlook for the markets and economy in 2023. He considers the state of play as we embark on the 23rd year of this century and discusses what we’re watching as the year progresses.

Adrienne Penta, executive director of the BBH Center for Women & Wealth, and Nicole Jackson Leslie, senior wealth planner, explore how a donor can guide a trustee, even after a trust has been created, to help ensure the trust is used to support and perpetuate a family’s core values for generations to come.

BBH Senior Wealth Planner Ross Bruch looks at investment-related biases and offers solutions to help recognize and minimize their negative effects.

The FOMC meeting ends this afternoon with an expected 25 bp hike; the dollar tends to weaken on FOMC decision days; ahead of the decision, ADP reports its private sector jobs estimate; ISM manufacturing will also be important; Canada January S&P Global manufacturing PMI will be reported; Brazil is expected to keep rates steady at 13.75%; eurozone reported soft January CPI data; the ECB meeting just got a lot more interesting; final eurozone manufacturing PMIs were reported; U.K. press reports suggest a Brexit deal is close; BOE meets tomorrow and is expected to hike rates by 50 bp; the countdown for the next BOJ Governor begins; Australia reported final January manufacturing PMI; New Zealand reported softer Q4 labor market data; RBNZ tightening expectations have fallen; Korea reported weak January trade data

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.

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

The two-day FOMC meeting begins today and end tomorrow with an expected 25 bp hike; we get lots of labor market data this week; we get more January survey readings today; Canada reports November GDP; Colombia central bank minutes will be released; France reported January CPI data; eurozone reported firm Q4 GDP data; Germany and France reported weak December retail sales; the U.K. news stream is unrelentingly negative; Japan reported December labor market data; Australia reported weak data; China reported firm official January PMI readings; Taiwan reported December export orders

Municipal bonds have never been renowned for their liquidity, even in normal market environments. But these liquidity challenges also help provide opportunities, especially during periods of heightened volatility.

U.S. yields are creeping higher as an eventful week begins; the two-day FOMC meeting begins tomorrow and will end Wednesday with an expected 25 bp hike; we get some key January survey readings this week; Spain inflation ran hot in January; ECB tightening expectations have picked up as a result; Germany reported soft Q4 GDP data; Spain reported firm December retail sales; U.K. Prime Minister Sunak said he will not raise taxes to fund pay increases for workers in the National Health Service; meanwhile , BOE tightening will continue; BOJ Governor Kuroda said the bank will maintain its 2% inflation target and continue monetary easing; New Zealand reported soft December trade 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.

December core PCE will be the data highlight; U.S. rates are creeping higher ahead of the data; Q4 GDP data are worth discussing; December CFNAI shows the economy is growing below trend; Colombia is expected to hike rates 100 bp to 13.0%; Spain reported Q4 GDP; Brexit talks are reportedly progressing well; Scottish politics are heating up; January Tokyo CPI ran hot; it is becoming harder and harder for the BOJ to justify current accommodation; Australia reported Q4 PPI

U.S. financial conditions continue to loosen; December Chicago Fed National Activity Index will be important; Q4 GDP data will also be of interest; regional Fed manufacturing surveys will continue to roll out; BOC hiked rates 25 bp to 4.5% but signaled a pause; Chile is expected to keep rates steady at 11.25%; ECB hawks appear to have locked in 50 bp hikes at the next two meetings; U.K. CBI January distributive trades survey was very weak; South Africa is expected to hike rates 50 bp to 7.5%; major bond index is removing JGBs due to liquidity issues; the IMF said the BOJ should consider more flexibility in long-term yields; it clearly does not believe that the current YCC regime is sustainable as inflation tops 4%

BBH’s global securities lending team shares its demand predictions

Data Down Under support our view that markets continue to underestimate central bank tightening; markets continue to fight the Fed despite what we see as a similar dynamic unfolding here in the U.S.; January survey readings came in better than expected yesterday; BOC is expected to hike rates 25 bp to 4.5%; Germany reported January IFO business climate; U.K. reported PPI data for both November and December; Japan’s Cabinet Office downgraded its monthly economic assessment in January; Australia December and Q4 CPI data ran hot; New Zealand reported Q4 CPI data; Thailand hiked rates 25 bp to 1.5%, as expected

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.

Fed expectations are drifting sideways given that there are no Fed speakers this week; we get some key January survey readings; we are skeptical regarding reports of a currency union in South America; Brazil reports mid-January IPCA inflation; Mexico reports mid-January CPI data; eurozone reported firm preliminary January PMIs; Germany reported February GfK consumer confidence; U.K. reported soft preliminary January PMIs and December public sector net borrowing; Hungary is expected to keep the base rate steady at 13.0%; Tokyo Electric Power is seeking government approval to raise household power rates by about 30%; Japan reported preliminary January PMIs and December department store sales; Australia reported preliminary January PMIs

There are no Fed speakers this week due to the media embargo ahead of the January 31-February 1 FOMC meeting; the U.S. yield curve remains deeply inverted; German officials are getting a bit too optimistic; the U.K. is still facing tight power markets as cold weather hits; Fitch cut the outlook for Hungary’s sovereign rating to negative to stable; minutes from the BOJ’s December meeting contained a surprise; BOJ tightening expectations have steadied; New Zealand has a new Prime Ministe

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. financial conditions continue to loosen; Fed officials remain hawkish; housing data should show further weakness; weekly jobless claims show continued strength in the labor market; the account of the ECB’s December 15 meeting tilted hawkish; ECB President Lagarde remains hawkish; U.K. reported very weak December retail sales; BOE Governor Bailey sounded a bit less hawkish; Japan reported December national CPI; BOJ tightening expectations have steadied; China’s commercial banks kept their LPRs steady, as expected

December PPI and retail sales data are worth discussing; the Fed released its Beige Book report; we think recent data cement a 25 bp hike February 1; Fed officials have split into two distinct groups; regional Fed manufacturing surveys for January continue rolling out; weekly jobless claims will be of interest; the U.S. debt ceiling remains an underappreciated risk; ECB publishes the account of its December 15 meeting; ECB officials remain hawkish; U.K. January GfK consumer confidence will be reported; Norges Bank kept rates steady at 2.75%; Turkey kept rates steady at 9.0%, as expected; Japan reported December trade data; Australia reported weak December jobs data; New Zealand Prime Minister Jacinda Ardern announced she is stepping down; Malaysia unexpectedly kept rates on hold at 2.75%; Indonesia hiked rates 25 bp to 5.75%, as expected

Global bond yields are lower today after the BOJ decision; December PPI will be the highlight; December retail sales will also be important; the Fed releases its Beige Book report; the U.S. manufacturing sector continues to weaken; reports suggest the ECB may downshift sooner than expected; ECB tightening expectations have fallen; U.K. reported December CPI; BOE tightening expectations remain steady; the two-day BOJ meeting ended with no change in policy; BOJ tightening expectations have fallen; new forecasts were released in the Outlook Report; November core machine orders were very weak

U.S. financial conditions continue to loosen; we continue to believe markets are underestimating the Fed; regional Fed manufacturing surveys for January start rolling out; Canada highlight will be December CPI; BOC Q4 business outlook survey was released yesterday and came in weak; Germany reported firm January ZEW readings; ECB officials remain hawkish; the U.K. reported mixed labor market data; BOE tightening expectations remain steady; two-day BOJ started today and ends tomorrow; new forecasts will be released in the Outlook Report; Japan reported firm December PPI and machine tool orders; China reported firmer December IP and retail sales and Q4 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.

U.S. yields remain lower in the wake of the CPI data; December CPI data supported the less hawkish Fed theme; Fed officials remain hawkish; preliminary January University of Michigan consumer sentiment will be closely watched; weekly jobless claims suggest the labor market remains strong; November eurozone IP and trade data were reported; the monthly U.K. data dump began; Sweden December CPI ran hot; markets continue to test the BOJ; BOJ tightening expectations remain elevated; China reported soft December trade data; Korea hiked rates 25 bp to 3.5%, as expected

U.S. yields remain subdued ahead of the CPI data; we continue to believe markets are underestimating the Fed; weekly jobless claims and December budget statement will also be reported; Peru is expected to hike rates 25 bp to 7.75%; ECB survey shows eurozone inflation expectations falling; Brexit is back in the news and in a good way; the BOE has sold off its emergency bond purchases from last fall; press reports suggest the BOJ will review the side effects of its ultra-loose monetary policy; BOJ tightening expectations have risen sharply; November current account data are worth discussing; Australia reported November trade data; China reported December CPI and PPI data

Markets should take heed of recent signs that global inflation may not have peaked yet; indeed, we continue to believe markets are underestimating the Fed; there are no Fed speakers nor U.S. data today; eurozone countries reported mixed data; ECB officials remain hawkish; BOJ survey showed a deteriorating outlook for households; BOJ tightening expectations remain elevated; Australia November CPI ran hot; Australia also reported firm November retail sales

U.S. yields remain under pressure as the notion of a Fed pivot continues to gain credence; Fed officials remain hawkish; we continue to believe markets are underestimating the Fed; it's hard to reconcile a risk rally with deep U.S. yield curve inversion; Brazil reports December IPCA inflation; France reported firm November IP; ECB officials remain hawkish; U.K. labor market appears to be weakening significantly; BOE officials are tilting more dovish; Norway reported December CPI; December Tokyo CPI ran hot; BOJ tightening expectations remain elevated; China reported mixed December money and loan data

BBH Senior Wealth Planners Ali Hutchinson and Stacia Kroetz outline the importance of having a flexible estate plan. The future is unknowable, but centering your plan on your values and communicating regularly with your fiduciary and your family will set your family on the path to success.

Markets are still digesting Friday’s data; the U.S. economy remains firm overall; the notion of a Fed pivot continues to gain credence; we continue to believe markets are underestimating the Fed; Brazil political risk has ramped up again; Mexico reports December CPI; Germany reported November IP; ECB tightening expectations steadied; survey suggests U.K. manufacturing firms are likely to cut jobs and output due to higher energy costs despite government support; BOE tightening expectations remain steady; reports suggest China will boost the quota for special local government bond issuance this year to a record high CNY3.8 trln

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.

December jobs report will be the highlight; many indicators suggest the U.S. labor market remains firm; we will also get December ISM services PMI; Fed messaging remains hawkish; we continue to believe markets are underestimating the Fed; the U.S. House remains without a speaker; Canada also reports jobs data; December eurozone inflation data was decidedly mixed; ECB tightening expectations have fallen; Germany reported November retail sales and factory orders; U.K. reported weak December construction PMI; BOE tightening expectations have risen again; Japan reported weak November labor cash earnings; reports suggest the BOJ sees little need to make another adjustment to YCC; the market continues to test the BOJ’s commitment to YCC; report suggest China will soon roll back existing restrictions on property developers

Senior Wealth Planner Ali Hutchinson breaks down several estate planning techniques for individuals who have maxed out their available gift tax exemptions, as well as techniques that can be used to enhance gifts that have already been made and trusts that are already in place.

FOMC minutes contained a strong message to the markets; we believe Fed tightening expectations still need to adjust higher; ADP private sector job estimate will be the data highlight; JOLTs data suggest the labor market remains strong; December ISM manufacturing PMI was reported; Banco de Mexico releases its minutes; eurozone inflation continues to ease; ECB tightening expectations have fallen; Germany reported weak November trade data; U.K. reported final December services and composite PMIs; BOE tightening expectations have also fallen; Egypt devalued for the third time in less than a year; JGB yields continue to rise; BOJ tightening expectations remain elevated; Caixin reported firm December services and composite PMIs

Alison Hutchinson and Melineh Ounanian outline some ideas for how trust beneficiaries can learn more about their roles and responsibilities.

FOMC minutes will be very important; December ISM manufacturing PMI will be the data highlight; November JOLTS job openings will provide another read on the labor market; the House of Representative remains without a speaker; Lula 2.0 continues to make investors nervous; eurozone inflation readings continue to surprise to the downside; ECB tightening expectations have fallen; firmer eurozone final December services and composite PMIs were reported; BOE tightening expectations have also fallen; Poland is expected to keep rates steady at 6.75%; BOJ Governor Kuroda remains dovish; BOJ tightening expectations remain elevated; the market continues to test the BOJ’s commitment to YCC; reports suggest China may resume some imports of Australian coal

Many have questions about the financial and tax ramifications of the decision to get married. We discuss the potential benefits and drawbacks to a legal marriage from that perspective.

Managing Director Brett Sovine discusses section 6166 of the Internal Revenue Code, which in certain situations permits the executor of an estate to defer federal estate tax on a closely held business following an owner’s death.

Fed tightening expectations still need to adjust; only minor data will be reported today; eurozone inflation data take center stage; Germany reported December unemployment data; U.K. final December manufacturing PMI rebounded; Turkey reported December CPI data; the yen continues to gain as BOJ tightening expectations remain elevated; Caixin reported soft December manufacturing PMI

How can we continue to foster family togetherness in 2023? Ali Hutchinson and Laura Salibello share five resolutions to help your family stay connected this year.

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.

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

Portfolio Manager, Nicholas Haffenreffer provides the most recent quarter-end results of the US Large Cap Equity 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 Manager, Nicholas Haffenreffer, discusses how the U.S. Large Cap Equity portfolio companies performed over the most recent quarter-end.

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.

Portfolio 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.

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

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

November core PCE will be the highlight; markets still don’t believe the Fed; weekly jobless claims suggest the labor market remains robust; we got the final revision to Q3 GDP; housing data are likely to show continued weakening; Canada reports October GDP; we think markets are overestimating BOE and ECB tightening; U.K. surveys suggest trouble for U.K. households; BOE tightening expectations may need to adjust lower; Japan reported November national CPI; markets are starting to price in possible BOJ liftoff in 2023; China Covid cases appear to be exploding

Consumer confidence has recovered sharply; the release of the November Chicago Fed NAI was suspended; we get another revision to Q3 GDP; weekly jobless claims will be in focus; Chile central bank minutes will be released; ECB tightening expectations are starting to ebb; U.K. reported Q3 current account and final GDP data; Turkey kept rates steady at 9.0%, as expected; reports suggest Japan will submit a record budget for FY23; Indonesia hiked rates 25 bp to 5.5%, as expected

The BOJ’s surprise move has helped push global yields higher; is the carry trade dead?; markets are still fighting the Fed; housing data are likely to show continued weakness; Canada reports November CPI; Germany reported January GfK consumer confidence; unlike the Fed, the market seems to believe the ECB; U.K. fiscal trajectory is deteriorating; Czech National Bank is expected to keep rates steady at 7.0%; Japan has already seen tighter financial conditions as yields rose and the yen gained; WIRP suggests a rate hike could come as soon as the March 9-10 meeting; markets are inching closer to a test of the new trading band; Korea reported weak trade data for the first twenty days of December