Markets Edition: Winds of Stagflation
KEY TAKEAWAYS
- Explores the "Winds of Stagflation" analyzing the impact of Middle East conflict on energy prices and global macroeconomics including central bank reactions
- The analysis reveals a potential stagflationary impulse impacting asset classes with negative returns for equities and credit while inflation-protected bonds offer positive returns amidst central bank policy shifts
- Citi clients can access comprehensive details on these market insights and the global macro strategy analysis via the Citi Velocity Portal with the macro-strategy team returning in two weeks
Alex Saunders, Citi's Head of Global Quant Macro Strategy, welcomes Giammarco Miani of the Global Macro Strategy Team to discuss the potential for stagflation due to oil supply concerns related to the Middle East conflict, including the reactions from central banks and rate markets, as well as private-credit concerns.
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Alex Saunders, Head of Global Quant Macro Strategy, Citi
Alex Saunders is a Director with Citi Research and heads the Quantitative Global Macro and Asset Allocation team. Prior to joining Citi in 2021 he spent more than 15 years on the buy side as a researcher and portfolio manager for quantitative investment strategies. His most recent position covered asset allocation and US credit for Itau Asset Management. Before that, he worked for QS Investors and Deutsche Asset Management across a variety of asset classes. Alex holds an MA degree in Economics from London Metropolitan University and a BSc from the University of Liverpool.
Giammarco Miani, Global Macro Strategy Team, Citi
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.
