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
FX Volatility Could Be Set To Stay Subdued
FX markets remain rangebound with realised and implied vol near lows, even as policy divergence and geopolitical risk build beneath the surface.
US Equity Trading Dynamics In An Environment With A 'Political Put'
A growing ‘political put’ could be distorting market return distributions, raising complacency and increasing downside tail risk.
Indiscriminate Tech Selling Suggests A Degree Of Irrationality
The technology sector, and software names in particular, have taken a battering in recent weeks, as participants appear to grow increasingly concerned that rapid advances in the AI space will erode the competitive advantage that these companies have long possessed.
Equities To Continue Climbing A ‘Wall Of Worry’
Trade uncertainty, AI capex concerns and geopolitics dominate headlines, but fundamentals suggest equities can continue grinding higher.
Supreme Court Strikes Down IEEPA Tariffs
The Supreme Court have, today, largely as expected, struck down the President’s authority to impose tariffs using the International Emergency Economic Powers Act (IEEPA).
The FOMC’s Next Move Won’t Be A Hike Despite Hawkish January Minutes
Minutes from the January FOMC meeting leaned hawkish, though amid downside labour market risks, and continued disinflationary progress, the direction of travel for the fed funds rate is still downwards.
Lagarde Exit Chatter Sparks Succession Race & Heighten Politicisation Concerns
Reports of Christine Lagarde leaving the ECB early raise concerns over central bank independence, succession politics, and risks for the euro and EGBs.
January 2026 UK Inflation: A Big Step Down
This morning's UK inflation figures pointed to renewed disinflation as the year got underway.
The UK Economy Faces A Litany Of Downside Risks
The UK economy is weakening rapidly, with rising unemployment, easing inflation and mounting fiscal risks pointing to downside for the GBP and for long-end Gilts.
Markets Remain Rangebound As Noise Drowns Out Signal
Rising political volatility and sector shifts mask a simple reality: stocks, the dollar and government bonds have barely moved in months.
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.
Q4 25 UK GDP Review: Growth Remains Sluggish
This morning's UK GDP data pointed to growth having proved weaker than expected as 2025 grew to a close.
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1. Data for the Pepperstone Group, correct as at October 2025.