A Black Zero Sum Game

Black zero may sound like a bad diet cola, but it is the literal translation of Germany’s Schwarze Null zero deficit policy. While many other developed countries have been running up government debt, Germany has been a model of fiscal discipline. This has led to calls for reform…in Germany. This week, we look at why Germany is so German and what a change in policy would mean for markets.


Phone A Friend

Unexpected market moves have been around as long as Who wants to be a Millionaire? Whenever they occur, we get almost as many questions as a contestant on that show. As always we appreciate your input – unlike some contestants we won’t walk away from any questions. We sometimes change the exact text of the questions, but we try to capture their tone.


This week we’re putting the global back in global macro. It may seem as though the paths of economies around the world are diverging, with the U.S. outperforming and others lagging, but a closer look reveals more similarities than differences. It’s a new kind of global synchronization.


No Quick Fix for FX

Currency intervention has all but disappeared as a tool for U.S. policymakers. This week, we look at why it remains a popular topic of discussion for macro investors, even though officials claim they’ve ruled it out. It’s quite the trilemma for investors.