
Independent investment research
Market insights & analysis
Investment strategy & asset allocation recommendations
Recent Research

Global Strategy
Money, Credit And Inflation
June 08, 2020
The report examines whether the concerns that exploding money supply is causing inflation are misplaced and explains why the policy response to the COVID-19 crisis has created a “sweet spot” for risk assets.
The report also lays out the framework to understand how money, interest rates and asset prices interact over the longer run and points out the growing potential for asset bubbles in the post-COVID-19 world due to rampant money and credit creation.

Emerging Markets & China Strategy
Great Concerns In Greater China
May 27, 2020
China’s long-delayed National People’s Congress delivered underwhelming growth objectives and policy support, a sign that the Chinese government is entering “survival mode”. It intends to save its “policy bullets” in preparation for a prolonged hostile global environment amid the conflict with the U.S. Issues with Hong Kong and Taiwan will be the new points of contention in the U.S. – China relationship, on which Beijing has little room for negotiation.
An all-out cold war between the U.S. and China is still a tail risk at the moment, but the odds are quickly rising and warrant close attention. In addition, this week’s report also recommends long positions in Mexican and Brazilian local currency government bonds.

Global Fixed Income & Currency Strategy
The Threat Of Secular Stagnation
June 05, 2020
The coronavirus could exacerbate the trend towards secular stagnation. An extended period of aggressive fiscal and monetary policies will be required to prevent such an outcome. Large budget deficits, funded by the Fed, will be needed to plug the immediate hole in private demand. QE and YCC should cap Treasury yields. Keep duration at benchmark for now.
The longer term goal of Fed policy will be to push inflation materially higher. This is the only way to lower real interest rates and balance private sector savings and investment. Long-term investors should favor TIPS over nominal bonds and maintain positions in gold. Finally, the U.S. dollar has started an intermediate-term decline, which could morph into a cyclical bear market.
“At Alpine Macro, we have brought together some of world’s brightest and most successful Strategists with decades of combined experience with global financial markets. Our team is dedicated to producing the most insightful, relevant and provocative independent investment research you can find.”
– Chen Zhao, Co-founder & Chief Global Strategist
Meet Our Strategists

Chen Zhao
Chief Global Strategist

Tony Boeckh
Executive Chairman & Editor-in-Chief

David Abramson
Chief U.S. Strategist & Director of Research

Yan Wang
Chief Emerging Markets & China Strategist

Harvinder Kalirai
Chief Fixed Income & Currency Strategist

Mark McClellan
Chief U.S. Bond Strategist
Our senior strategists are supported by a growing team of investment professionals.
Research Coverage
Global
Strategy
Unique insights and the analysis of major global macroeconomic forces and their implications for various asset markets including global stocks, bonds, currencies, and commodities.
EM & China
Strategy
Timely and in-depth analysis of macro trends and key investment themes in emerging markets, with actionable investment strategy and asset allocation recommendations.
Global Fixed Income & FX Strategy
An analysis of macroeconomics and political trends for the purpose of identifying and recommending investment and trading opportunities in G10 bonds and currencies.
U.S. Themes
& Strategy
An analysis of economics, monetary and political trends in the U.S. affecting its financial markets. Featuring Special and Feature Reports which delve into current, relevant U.S.-oriented topics.
SUPPORT
Difficulty accessing our research?
Call Us
+1 514-558-1414
Email Us
support@alpinemacro.com
SALES
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Call Us
+1 514-558-1414
Email Us
info@alpinemacro.com
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1130 Sherbrooke Street West, Suite PH1,
Montreal, Quebec H3A 2M8, Canada
Recent Research

Global Strategy
Money, Credit And Inflation
June 08, 2020
The report examines whether the concerns that exploding money supply is causing inflation are misplaced and explains why the policy response to the COVID-19 crisis has created a “sweet spot” for risk assets.
The report also lays out the framework to understand how money, interest rates and asset prices interact over the longer run and points out the growing potential for asset bubbles in the post-COVID-19 world due to rampant money and credit creation.

Emerging Markets And China Strategy
Great Concerns In Greater China
May 27, 2020
China’s long-delayed National People’s Congress delivered underwhelming growth objectives and policy support, a sign that the Chinese government is entering “survival mode”. It intends to save its “policy bullets” in preparation for a prolonged hostile global environment amid the conflict with the U.S. Issues with Hong Kong and Taiwan will be the new points of contention in the U.S. – China relationship, on which Beijing has little room for negotiation.
An all-out cold war between the U.S. and China is still a tail risk at the moment, but the odds are quickly rising and warrant close attention. In addition, this week’s report also recommends long positions in Mexican and Brazilian local currency government bonds.

Global Fixed Income & Currency Strategy
The Threat Of Secular Stagnation
June 05, 2020
The coronavirus could exacerbate the trend towards secular stagnation. An extended period of aggressive fiscal and monetary policies will be required to prevent such an outcome. Large budget deficits, funded by the Fed, will be needed to plug the immediate hole in private demand. QE and YCC should cap Treasury yields. Keep duration at benchmark for now.
The longer term goal of Fed policy will be to push inflation materially higher. This is the only way to lower real interest rates and balance private sector savings and investment. Long-term investors should favor TIPS over nominal bonds and maintain positions in gold. Finally, the U.S. dollar has started an intermediate-term decline, which could morph into a cyclical bear market.
“At Alpine Macro, we have brought together some of world’s brightest and most successful Strategists with decades of combined experience with global financial markets. Our team is dedicated to producing the most insightful, relevant and provocative independent investment research you can find.”
– Chen Zhao, Co-founder & Chief Global Strategist
Meet Our Strategists

Chen Zhao
Chief Global Strategist

Tony Boeckh
Executive Chairman & Editor-in-Chief

David Abramson
Chief U.S. Strategist & Director of Research

Yan Wang
Chief Emerging Markets & China Strategist

Harvinder Kalirai
Chief Fixed Income & Currency Strategist

Mark McClellan
Chief U.S. Bond Strategist
Our senior strategists are supported by a growing team of investment professionals.
Research Coverage
Global
Strategy
Unique insights and the analysis of major global macroeconomic forces and their implications for various asset markets including global stocks, bonds, currencies, and commodities.
Emerging Markets
& China Strategy
Timely and in-depth analysis of macro trends and key investment themes in emerging markets, with actionable investment strategy and asset allocation recommendations.
Global Fixed Income
& Currency Strategy
An analysis of macroeconomics and political trends for the purpose of identifying and recommending investment and trading opportunities in G10 bonds and currencies.
U.S. Themes
& Strategy
An analysis of economics, monetary and political trends in the U.S. affecting its financial markets. Featuring Special and Feature Reports which delve into current, relevant U.S.-oriented topics.
SUPPORT
Difficulty accessing our research?
Call Us
+1 514-558-1414
Email Us
support@alpinemacro.com
SALES
Questions about our service?
Call Us
+1 514-558-1414
Email Us
info@alpinemacro.com
CONNECT
Follow us on social media?
1130 Sherbrooke Street West, Suite PH1,
Montreal, Quebec H3A 2M8, Canada