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
JPY Softens Amid Early Election Chatter
Rumours of an early Japanese election have sparked a further round of JPY weakness, and fuelled expectations that MoF intervention could also come sooner rather than later.
Trump Ups The Ante In Feud With Powell
The DoJ's sending of subpoenas to the Fed should be seen for what it is - another blatant attempt to erode policy independence.
December 2025 US Employment Report: Hiring Cools, Unemployment Falls
December’s US labour market report pointed to the pace of hiring having cooled, but unemployment also declining, as the year drew to a close. The Fed are now likely to stand pat at the end of the month, but further cuts remain on the cards this year.
Neutral Rate Revisited: Markets May Be Pricing the Fed Wrong
Revisiting the Fed’s neutral rate through history and balance sheet dynamics challenges the case for a higher terminal rate and argues for a longer, deeper easing cycle, and thus a more supportive backdrop for risk than the market may currently price.
Q4 25 US Bank Earnings: By The Numbers
Fourth quarter earnings season will soon be underway with, as usual, major Wall Street banks kicking things off.
A Look Ahead To Q4 25 US Earnings Season
With the S&P 500 priced for near-perfection, Q4 earnings season will test a key pillar of the equity bull case. Banks, Big Tech, and AI capex plans are firmly in focus.
Preview For The December 2025 US Jobs Report
The impact of last year's deferred layoff program has likely now entirely fed through the data.
December 2025 ECB Review: Nothing To See Here
To nobody’s surprise, the ECB’s Governing Council stood pat at this year’s final policy meeting, strengthening the idea that the easing cycle is done & dusted, and seeking not to ‘rock the boat’ before the Christmas break.
December 2025 FOMC Review: A Hawkish Cut
The FOMC delivered a third straight cut at the December meeting, as expected, though Chair Powell sought to set a higher bar for further reductions moving forwards.
Silver Continues To Shine As Bulls Remain In Control
Silver’s break to new all-time highs above $60/oz reflects a persistent supply squeeze, elevated lease rates, and robust ETF inflows. Looking forward, focus remains on the sustainability of the move and key levels to watch into year-end.
2026 Eurozone Macro Outlook: Headwinds Turn To Tailwinds
The passive run-off nature of the ECB’s quantitative tightening program should continue, with broader market implications for eurozone assets in 2026.
2026 US Macro Outlook: Returning To Policy Stability
A clearer policy backdrop and ongoing Fed easing underpin a firmer US growth outlook in 2026, even as tariffs, deficits and labour market slack linger.
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1. Data for the Pepperstone Group, correct as at October 2025.