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
January 2026 US CPI: Disinflation Continues But Fed Remain In ‘Wait & See’ Mode
Headline US CPI printed cooler than expected in January, while core goods prices rose at their slowest pace in six months, implying the peak of tariff-induced inflation could be behind us. Regardless, the FOMC are set to maintain their ‘wait and see’ approach for the time being.
January 2026 US Employment Report: Keeping The Fed In ‘Wait & See’ Mode
The January US jobs report came in considerably hotter than expected, in both the establishment and household surveys, keeping the Fed on hold for the time being.
JPY & JGBs Firm On Fragile Belief In Fiscal Discipline
Japan’s post-election calm has eased pressure on JGBs and the yen, but markets remain sceptical that fiscal discipline and FX stability can coexist.
Stocks Wobble But Bull Case Still Holds Water
While stocks have slipped, resilient growth, strong earnings and supportive policy suggest recent dips are buying opportunities, not warning signs.
February 2026 ECB Review: Starting The Year As They Ended The Last
The ECB held all policy settings steady at the first meeting of the year, while also giving little indication of any imminent policy shifts at upcoming meetings.
US equity sector rotation gathers pace as S&P 500 and Nasdaq fall
While headline equity indices typically attract the bulk of attention, volatility at a surface level often masks what’s really going on under the surface, a dynamic that we’ve seen play out in recent weeks.
Kevin Warsh’s Fed nomination: implications for rate cuts, balance sheet policy and communications
Kevin Warsh’s nomination as Fed Chair raises key questions over rates, the balance sheet, and Fed communications as well as the future of the SEP and ‘dot plot’.
Preview For The January 2026 US Jobs Report
As is typically the case, the first week of the month wraps up with our latest look at the health of the US labour market, with the release of the January employment report. While the FOMC are in ‘wait & see’ mode for now, any signs of labour market softness could spark expectations that the Committee may need to deliver additional policy easing in the short-term.
The FOMC Seem Too Sanguine About The Ailing US Labour Market
While the FOMC seem relatively relaxed about the US employment backdrop, a look beneath the surface of incoming data suggests things are considerably softer than policymakers believe, suggesting dovish risks to the policy path.
Gold & Silver Sell-Off As Blockbuster Metals Rally Unwinds
Gold has slumped back under $5,000/oz, while silver has fallen beneath $100/oz, as the metals rally unwinds having run 'too far, too fast'
February 2026 BoE Preview: Laying The Foundations For Another Cut
The Bank of England’s Monetary Policy Committee are set to stand pat at the first meeting of the year while maintaining an explicit easing bias, though once again the vote split, and accompanying Monetary Policy Report, will provide plenty of intrigue.
January 2026 FOMC Review: Shifting To ‘Wait & See’ Mode
The FOMC held rates steady at the January confab, despite a double dissent, with the Committee seemingly moving to a ‘wait and see’ approach amid a stabilising employment backdrop.
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1. Data for the Pepperstone Group, correct as at October 2025.