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
Powell Proffers Nothing New As Light Docket Awaits
Fed Chair Powell delivered a repeat of last week’s press conference in remarks yesterday, though stocks rolled over a touch anyway, as markets elsewhere trod water. A light docket awaits today.
Time For The Buck To Smile Again
2025 has so far been, and likely will go down as, a dismal year for the greenback. However, the tide does appear to be turning somewhat, with that one-way bearish trade possibly having now run its course.
Risk Rally Rolls On As Greenback Rolls Over
Stocks extended gains, as gold notched another new record, yesterday, while the greenback rolled over, amid a lack of fresh catalysts. Today, ‘flash’ PMIs, and remarks from Fed Chair Powell are in focus.
Markets Cruise As Thin Docket Awaits
Markets brought ‘more of the same’ into the weekend as stocks rallied, the dollar caught a bid, and the Treasury curve steepened. This week, a much thinner and lighter economic docket awaits.
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.
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1. Data for the Pepperstone Group, correct as at October 2025.