Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Research from Quam Securities

Icarus Is Falling! The Markets Are Breaking: More Volatility Is Coming

Risk Pivots and Color into Late September

Research from Quam Securities, Quam Securities

Quam Securities Research

Thematic (Sector/Industry)

Hong kong Financials / Thematic (Sector/Industry)

<ul><li>Following the hawkish tone of the Fed chair last Fri, interest rate futures now expect rates to drift down in mid-2023 as opposed to previous expectation of peaking in Dec and starting to fall from the beginning of next year.</li><li>A month ago, futures implied Fed Funds Rate (FF) would peak at slightly over 3% and start falling from Jan 2023.</li><li>Latest expectations, as implied by futures market, show that FF could hit almost 4% and will only drift down by Jun next year.</li></ul>

Following the hawkish tone of the Fed chair last Fri, interest rate futures now expect rates to drift down in mid-2023 as opposed to previous expectation of peaking in Dec and starting to fall from the beginning of next year.A month ago, futures implied Fed Funds Rate (FF) would peak at slightly over 3% and start falling from Jan 2023.Latest expectations, as implied by futures market, show that FF could hit almost 4% and will only drift down by Jun next year.

Global Macro - Fed’s Hawkish Tone Pushed Back Expectation of Rate Decline