Michael Brown
Senior Research Strategist
Michael Brown is a seasoned, award-winning market analyst, with a record of providing pertinent commentary, analysis, and forecasting across all major asset classes, principally through a global macro focus, over a decade in the financial services industry. He frequently appears in a wide range of UK and international media, discussing major risk events, key market trends, and broader macroeconomic themes. Michael holds an Executive MBA from Cranfield University.
Most recent articles
Post-Fed Fallout Continues As Blockbuster Week Concludes
Stocks rallied but markets elsewhere endured a ‘day of two halves’ yesterday, as fallout from the FOMC continued, while the BoE stood pat as expected. Today, a barren docket awaits.
September 2025 BoE Review: A Pragmatic QT Tweak With Further Cuts On The Cards
The BoE stood pat on rates at the September meeting, while taking a pragmatic decision to slow the pace of QT. An easing bias remains, with a November cut still the base case for now.
Fed Front-Loading As Central Bank Bonanza Continues
The Fed’s 25bp cut, and likely front-loading of rate reductions, further strengthened the bull case for risk on Wednesday, as focus now turns to the BoE, BoJ, and Norges Bank.
September 2025 FOMC Review: When Doves Fly
As expected, the FOMC cut the fed funds rate by 25bp at the September meeting, with the accompanying dot plot suggesting a relatively rapid return to neutral could now be on the cards.
August 2025 UK Inflation: Underlying Pressures Ease But Worries Remain
This morning's UK inflation data pointed to price pressures having remained significant, but easing marginally, as the summer wore on.
Markets Brace For Fed To Cut
Markets again meandered on Tuesday despite solid-ish UK jobs, and strong US retail sales data. Today, participants brace for a 25bp Fed cut, with focus falling on guidance for the policy path ahead.
The Fed’s Triple Mandate Poses A Big Risk To Consensus
A little-known third part to the Fed's mandate could pose a big tail risk to heavily crowded consensus trades.
July 2025 UK Jobs Report: Tentative Signs Of Stability
This morning's UK labour market data showed some tentative signs that recent weakness may have bottomed out over the summer.
Calm Before The Event Risk Storm Continues
It proved a relatively calm start to the week yesterday, with conviction somewhat capped ahead of this week’s packed calendar. That deluge of event risk starts today, with UK jobs & US retail sales due.
Markets Meander Into A Monster Week
Markets didn’t do especially much on Friday, in a day that felt like the ‘calm before the storm’, with a monster docket ahead this week, including 5 G10 policy decisions, and a data deluge on both sides of the pond.
Claims Trump CPI Amid Dovish Cross-Asset Trade
Dovish trade dominated yesterday after an inline US CPI print was accompanied by much softer than expected jobless claims data. Today, UK GDP, and US consumer sentiment, highlight the calendar.
September 2025 ECB Review: Still In A Good Place
The ECB, as expected, stood pat at the September meeting, with the updated staff projections, and Lagarde’s comments, all-but-confirming that the easing cycle is done & dusted.
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1. Data for the Pepperstone Group, correct as at October 2025.