April Research Summary

Monthly report on following issues researched in April:

Macroeconomics

  - Public and Private Sector Debt Trends: Opposite Dynamics

  - Inflation: Rental “stickiness”, Japanese Base Effects and sources of US Inflation

  - Housing and Orders data

  - Economic Cycle

Markets

  - Fixed Income: Central Bank expectations

Odd market moves

  Cross Market Relative Value and Spreads

  Yield Curves

  AUD/CAD Dislocation update

  - FX: Yen Debasement

  EurSek

Risks

Summary of Investment Themes