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
A Weaker Dollar Further Supports The ‘Run It Hotter’ Equity Bull Case
Easier US fiscal and monetary policy, a softer dollar and expanding liquidity reinforce the bull case for equities as financial conditions loosen in 2026.
February 2026 ECB Preview: Standing Pat To Start The Year
The ECB’s first policy decision of the year should be a relatively straightforward affair, with the Governing Council again set to stand pat on policy, while repeating very familiar forward guidance.
Gold Breaks $5,000/oz As Bull Run Continues
Gold's bull run rolls on, with spot breaking above $5,000/oz for the first time as the trading week gets underway, amid lingering geopolitical risk, and a broader 'sell America' trade gathering pace
JPY Surges On Rate Check Rumours
An unusual role for the NY Fed in Friday’s JPY surge signals a potential change in the currency management regime, possibly for the broader APAC region, likely leading to higher vol, while also tilting the risk/reward against JPY bears for now.
Markets Move On From Greenland; What Might Come Next?
Trump’s latest tariff threat follows the familiar ‘escalate to de-escalate’ playbook. As trade war fears fade, markets refocus on fundamentals that continue to favour risk assets, USD strength, and precious metals.
Europe Can’t Weaponise Capital Markets - And Trying To Would Backfire
Despite heated rhetoric, capital-market retaliation against US tariffs is unworkable and economically self-defeating for Europe.
January 2026 FOMC Preview: Time To Pause Again
Having delivered three straight rate reductions at the tail end of last year, the FOMC are likely to hit ‘pause’ at the first meeting of 2026, allowing time to take stock of how the economy is reacting to the insurance taken out by the easing delivered last year. That said, further cuts this year remain likely, with the fed funds rate set to return to a neutral level later in 2026.
Markets Take Stock Of Trump's Greenland Tariff Threats
The initial FX market reaction to President Trump's latest tariff threats has been relatively contained, though a risk-averse equity futures open still looks to be on the cards later, as participants ponder what comes next.
The ‘K-Shaped’ Economy Explains US Resilience Despite Stalling Labour Market
A weakening labour market no longer stunts US growth as much as it once did; instead, asset prices and the wealth effect now dominate consumption and macro outcomes.
US Small Caps Outperform As Sector Rotation Continues
One notable theme of the US equity complex in recent weeks has been an increasing sector rotation under the surface, even as the broad-based rally rolls on at an index level.
Metals Continue To Run Higher Amid Myriad Bullish Catalysts
Metals are surging to record highs as fiscal risk, geopolitics, momentum, and supply tightness fuel a powerful, broad-based bull run.
December 2025 US CPI: Cooler Than Consensus
December’s US CPI report produced a cooler than consensus core CPI figure which, while not materially altering the near-term policy outlook, keeps the Fed on track for further cuts later in the year.
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1. Data for the Pepperstone Group, correct as at October 2025.