Ven Ram, MBA, CFA

Cross-asset strategist at Bloomberg. The neutral rate underpins the whole world.

[Phil Serafino @PhilSerafino]

Today's Markets Daily looks at hawkish monetary policy around the world, Apple as the anti-AI stock and our Markets Pulse survey on what the end of Trump's tariffs would mean for equities. With @ven_word, @RyanVlastelica, @tatianadariee, @Charles__Riley
https://t.co/EZmTioNaKy

[Ven Ram, MBA, CFA @ven_word]

As it turns out, the warning didn’t come a day too early.

[Ven Ram, MBA, CFA @ven_word]

Gold has run up a mind boggling 350%+ in one-period return since Aug. 20. The pace of gains can't be replicated forever!

[Ven Ram, MBA, CFA @ven_word]

And modeling based on US inflation, central bank gold purchases and the dollar shows that the latest surge in premium has been phenomenal!

[Ven Ram, MBA, CFA @ven_word]

Gold has run up a mind boggling 350%+ in one-period return since Aug. 20. The pace of gains can't be replicated forever!

[Ven Ram, MBA, CFA @ven_word]

@badfullback @alexwickham I do mention that in my post. Kindly read, thank you

[Alex Wickham @alexwickham]

UK borrowing costs are rising again this morning

30 year yield climbs another 6bps at open

Gilts are lagging global peers

“The decline in gilts represents a sell UK moment” says @ven_word

[Ven Ram, MBA, CFA @ven_word]

The good news, though, is that narrowing interest-rate differentials mean that the cost of hedging the FX exposure using forwards has trended lower.

[Ven Ram, MBA, CFA @ven_word]

The Sensex is selling off, ostensibly on concern about additional tariffs, but investors are overlooking value. The intrinsic value of the basket, on a conservative basis, is 91,732. (More on the @TheTerminal )

[Ven Ram, MBA, CFA @ven_word]

However, with the rupee's trading range being wider of late and with vol pricing trending higher, a currency-hedged exposure may be ideal for global investors

[Jorge Adrian @JorgeCalderonMx]

Rates geeks check this out

[Ven Ram, MBA, CFA @ven_word]

This is a pretty dovish set of outcomes from the European Central Bank. HICP inflation for both 2025 & 2026 revised lower, and the governing council has retained its earlier language.

[Ven Ram, MBA, CFA @ven_word]

Which segments of the Treasury curve perform the best after a bout of volatility?

[Ven Ram, MBA, CFA @ven_word]

Gold has been an asset that's kept giving these past couple of years, with its Sharpe Ratio among the highest. What's the outlook from here, though?

[Ven Ram, MBA, CFA @ven_word]

@JorgeCalderonMx Awesome work!

[Ven Ram, MBA, CFA @ven_word]

Thanks for the shout-out, @carolmassar . This chart from the terminal says it all:

[Carol Massar @carolmassar]

@ven_word @business

“History is replete with examples of a false sense of complacency setting in as bear markets begin….”

[Ven Ram, MBA, CFA @ven_word]

@lizzzburden @BloombergTV Was a pleasure to be on your show as always, Lizzy, thanks

[Ven Ram, MBA, CFA @ven_word]

The pound is overbought heading into the BOE

[Bloomberg TV @BloombergTV]

The Bank of England is expected to leave the benchmark interest rate on hold at 4.5% and reiterate a cautious approach to further cuts. @ven_word discusses what to expect from today's rate decision https://t.co/tqNVDFblJs

[ACEMAXX ANALYTICS @acemaxx]

#negative #swap spreads are an indication of unusual financial conditions, where #German Govt bonds are seen as safer or more attractive than the #swap market, due to economic concerns and #ECB policy, chart @ven_word (video) https://t.co/MyvpbDV9c3

[Ven Ram, MBA, CFA @ven_word]

@acemaxx Very kind, thank you

[Ven Ram, MBA, CFA @ven_word]

Swap spreads in the euro area have collapsed, driven by lower convenience yields on government bonds. More on the Bloomberg terminal.