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
August 2025 US CPI: Solidifying A September Cut
Both headline and core CPI rose at rates in line with expectations last month, further solidifying the case for a September Fed cut, even as tariffs continue to be passed-through.
Turgid Trade As CPI & ECB Loom
Trade was sluggish and a little uninspiring on Wednesday, despite a much cooler-than-expected US PPI print. Today, US CPI highlights the docket, while the ECB are set to stand pat on policy.
September 2025 BoE Preview: On Hold With Balance Sheet In Focus
The Bank of England’s Monetary Policy Committee, after delivering a rate cut in August, are set to stand pat this time out. However, the Old Lady’s decision on the pace of balance sheet run-off over the next year will be closely watched, especially given the recent jitters at the long-end of the Gilt curve.
Payroll Revisions Ignored As Classic Correlations Set To Stay Broken
Markets took a chunky downward benchmark NFP revision in their stride yesterday, while eurozone govvies remain of interest, as focus begins to turn to CPI & an ECB decision on Thursday.
September 2025 FOMC Preview: Resuming The Journey Back To Neutral
The FOMC are set to deliver a 25bp cut at the conclusion of the September meeting, restarting the journey back to neutral which paused at the end of last year, as policymakers seek to support a stalling labour market, despite tariff-induced inflation risks. Further easing beyond September is on the cards, with another cut most likely to be delivered in December.
Post-Payrolls Momentum Persists
The post-jobs report momentum continued yesterday as stocks and bonds both advanced, while the buck faced headwinds, as gold notched a new ATH. Today, benchmark payrolls revisions are in focus.
Stalling Labour Market Keeps Fed On Course To Cut
The disappointing August jobs report saw stocks slip, Treasuries rally, and the dollar dip on Friday, but keeps the Fed on course for a 25bp Sept cut. US CPI, payroll revisions, and an ECB decision highlight the week ahead.
Quick Thoughts: Japan PM Ishiba Resigns
Initial thoughts and reaction to Japan PM Ishiba’s weekend resignation announcement.
August 2025 US Employment Report: Locking In A September Cut
The August US jobs report pointed to labour market momentum continuing to wane, keeping the FOMC on track for a 25bp cut later in the month.
Markets Plod Along Into August Jobs Report
Thursday proved a rather dull day as markets largely took the path of least resistance amid a lack of major catalysts, and as conviction remained lacking into today’s US jobs report, which may not be as consequential as most expect.
Markets Steady As Duration Sell-Off Stalls
Calmer tones prevailed yesterday as stocks gained, and long-end govvies steadied across DM, though gold continued to charge higher. Today, the ISM services survey highlights the docket.
September 2025 ECB Preview: The Cycle Is Done & Dusted
Having stood pat at the July meeting, the ECB’s Governing Council are again set to hold steady at the conclusion of the September confab, with the easing cycle likely having now come to an end.
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1. Data for the Pepperstone Group, correct as at October 2025.