Markets Edition: Macro Tapas: Fed, Japan, Equities & Carry
KEY TAKEAWAYS
- Citi's macro strategy team maintains a bullish outlook on risk assets supported by a dovish Federal Reserve positive global data and rising earnings revisions while remaining selective on specific market segments
- This signals a continued favorable environment for equities, but highlights underlying uncertainties in specific sectors and regions like Japan suggesting that a broad unhedged investment approach may miss key risks and opportunities
- The recommendation is to favor an equal-weight S&P 500 position for U.S. yield curve steepening and adjust FX carry trades by funding them with the Swiss Franc and Canadian Dollar instead of traditional Asian currencies
Adam Pickett and Giammarco Miani offer a high-level macro overview for investors, with discussion topics ranging from risk and the Fed's path to what's ahead for Japan and FX strategies.
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Adam Pickett, Head of Citi’s Global Macro Strategy team
Adam Pickett is a Head of Citi’s Global Macro Strategy team, based in London; he also works within the Asset Allocation group. Adam and team focus on broad macro themes, cross-asset class analysis, house FX forecasts, and global asset allocation. He offers trade ideas aimed at hedge funds, real money, and other macro-oriented investors. Specifically, he covers FX, fixed income, equity, credit, and commodity markets. Prior to joining the Global Macro Strategy team, Adam spearheaded Citi’s EMEA G10 FX Strategy effort, based in London, for four years, primarily focusing on generating alpha via leveraged trade ideas.
Giammarco Miani , Vice President in the Global Macro Strategy team within Citi Research
Giammarco Miani is a Vice President in the Global Macro Strategy team within Citi Research based in London. Giammarco works on developing cross-asset trade ideas, macro themes and allocation views, aimed at hedge funds, real money and other macro-oriented investors. He joined the firm in 2022 as an EMEA G10 FX Strategist, before moving in the Global Macro Strategy team in 2023. Prior to joining Citi, Giammarco worked in FX Exotics at Commerzbank for more than 3 years. Giammarco holds a MSc in Financial Mathematics from the London School of Economics, and an undergraduate from the Erasmus School of Economics.
