Q3 Global Macro Outlook: The Road Ahead
Our flagship quarterly — rate paths, capital flows and commodity cycles with defined scenario weights.
Research desk20 min read
Twenty-four pages on where the next cycle breaks — written for allocators who need the levels, not the narrative.
Inside this edition
- US Treasury yields — the front end stalls while 2s10s keeps steepening; we map three rate paths and what each does to the dollar.
- Middle East capital flows — sovereign allocations rotating out of duration and into real assets, with regional equity implications.
- Gold price targets — base case 2,418, bull 2,560 on a soft CPI, bear 2,240 if real yields break higher.
- De-dollarisation — separating settlement-currency noise from actual reserve reallocation, with the data that matters.
The edition
- 24 pages
- Interactive PDF