Endemic Covid = Biflation = End of “policy put”? Use our framework to understand how the different phases of 2022 unfold and what they mean for global economics

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Independent Economic and Investment Strategy Research

A coherent global view from diverse thought leaders. We take an eclectic approach to arrive at a coherent global view. Our strong, independent thinkers scan the horizon in different ways to identify and explore possible inflection points and emergent themes. One of our key themes is Decarbonomics - The economics and policy of reducing reliance on greenhouse gas (carbon) emissions in energy production, manufacturing, transportation and other sectors of the economy and the drive for green energy and net-zero emissions. Deep country knowledge and historical perspective are core to our process. Our thought leaders, global economists and country specialists come together to choose the right tools with which to explore the implications for individual countries and financial markets. The key to our approach is that we are led by the theme, not the tool. Request a trial to see our approach in action.

30 year track record.
We have a 30 year track record in making bold, off consensus-calls at major inflection points in economic, political and market cycles. For example, building on our global macro and financial analysis to find imbalances and fragilities, we identified the coming storm of the Global Financial Crisis – identifying the crucial turning point in the cycle and calling the stock market bottom as recovery began.


TS Lombard: Combining Macro, Geopolitics and Investment Strategy

TS Lombard has a 31 year track record of bold and incisive analysis of Macro Research, Geopolitics Investment Research and Investment Strategy Research. Take a look at our new Research Hub.

The Hub
TS Lombard: Combining Macro, Geopolitics and Investment Strategy

Our Independent Research Services

Global Macro

Our Global Macro Research Service combines our broad global macro thematic analysis—horizon scanning to identify and explore emerging themes and their impact on countries and markets—with our deep economic and political insights into the major world economies and markets: the U.S., Europe and Asia (focus on China). Political insights are key to our research  process, and our global political drivers underpin our Global Macro Research Service.

China & Global EM

Our China and Global Emerging Markets Research Service provides the granular, local detail that EM-focussed investors need, with particular emphasis on China. Our in-country specialists provide regular detailed, on-the-ground analysis of the most important emerging markets as well as feeding back into our broad EM research process to produce EM thematic, market strategy and asset and country allocation recommendations.

Global Strategy

Our Global Strategy Research Service uses a markets lens to explore how our teams’ political and economic insights will impact markets globally. Our strategy research provides our clients with implications for asset allocation, investment positioning and portfolio risk management. Given their importance to our strategy research, this service also includes our proprietary economic indicators and flow of funds analysis. 

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Our Macro Research

09 Dec 2021 - Christopher Granville

Omicron and the comfort of path dependency

Omicron’s high quantity and quality of mutations makes this variant fighting fit – i.e. to the potential detriment of our own human fitness – by evading immunity and/or being more transmissible (and all that before getting to the question of the ‘clinical spectrum’, i.e. symptoms).

06 Dec 2021 - Jon Harrison

Monetary policy key amid Covid risk

Higher rates so far offer limited protection to EM currencies. The dollar has strengthened vs majors by more than 2% over the past month (DXY index), while the picture for EM currencies is more varied.

07 Dec 2021 - Rory Green

China's stimulus shifts gear and creates new "defensives"

Beijing is shifting gears, moving from marginal easing to broader stimulus measures. As forecast, the Sixth Plenum has proved a turning point: after the elite political gathering, the PBoC signalled a dovish turn and announced a 50bps RRR reduction

02 Dec 2021 - Steven Blitz

Fed's inflation problem is wages in 2022, and no workable answer for it

The Fed’s problem is that current price hikes from shortages of goods and labour will pass, but the coming increase in wages will not. 

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Giving Investors the Full Picture

TS Lombard has a 30 year track record of bold and incisive analysis of Economics, Politics and Markets. This brief video explains how and why our research is unique.

Giving Investors the Full Picture
Giving Investors the Full Picture
TS Lombard's is the only research that has helped me to achieve some understanding of the tectonic shifts in the global economy over the last thirty years.
Anna Gaworzewska, Head of Country Risk Economics, Lloyds Banking Group
Congratulations on your Fed call. A feather in your cap. We can always count on your team to make good calls ahead of consensus. That is really valuable to us and our clients. Thank you.
Richard Rock, Founder & Chief Investment Officer, The Caprock Group
I have been a subscriber for a very long time and have found TS Lombard to be very independent in their economic analysis and invariably correct in their surmise. Their articles are full of originality and always make me reassess my own views.
Ian Ling, Ashburton Investments and Private Investor


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