Nominal Strength, Real Caution
In this edition:
- Astonishingly strong labor data… but for the Fed inflation (and Trump) matters.
- Strong nominal data in Japan, real less so.
- France's problem is French — the ECB hikes regardless.
- Short duration, selective carry, and go local.
Source: SARIM; the “0” indicates last month’s positioning on the over/underweight scale
Hot Commodities
More Global Macro on: https://swingandrythm.substack.com/
... and Yieldstasher, SARIM's sister organization: https://yieldstasher.ai/
About SARIM (Swing & Rhythm Investment Managers):
Swing & Rhythm Investment Managers (operating as SARIM - Swing And Rhythm Investment Managers GmbH) is an independent Swiss-based asset management advisory firm headquartered in Zug, Switzerland. Founded in 2025, the firm is managed by Yann René Lepape and focuses on global macro cycle-based investment strategies.
About SGT Markets:
SGT has been helping clients and partners capitalise on multi-asset trading and investing opportunities for nearly 20 years. A history that has enabled us to achieve significant milestones on our journey from a small trading company to the international trading and investment group we are today.
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