Founder & Head of Research, Fortress Hill Advisors

Alex Ng

Alex Ng is the founder and head of research of the economic and investment research house Fortress Hill Advisors. Prior to founding Fortress Hill Advisors, he worked as an economic research analyst across government, academic, and financial institutes including the Hong Kong Financial Secretary’s Office (Office of the Government Economist), Economic Research Center of the Institute of Asia-Pacific Studies at CUHK, and State Street Global Markets. Alex holds a Master of Arts in Economics degree from Columbia University in the City of New York and a Bachelor of Arts in Economics and Mathematics from Wesleyan University (CT, USA).

Our firm's expertise lies in macroeconomics, global macro,  global thematic research, company and equity research, multi-asset strategy, event driven, and ESG.

We also do proprietary trading on the firm's capital, to try to vindicate our investment thesis. Our flagship publication, Heard from Fortress Hill (HFFH) provides our weekly market observations and is freely available on our website: https://fortresshill-advisors.com/hffh/

Founder & Head of Research

Fortress Hill Advisors

Founded in Hong Kong in 2019, Fortress Hill Advisor seeks to provide premium economic and financial researches.

Premium Economic & Investment Research

Cross Asset Strategy

<ul>
<li>We remain concerned that fiscal stress will be evident in H1 2025, as rating agencies worry over the deficit/debt and interest rate that is unlikely to improve under either president.  </li>
<li>This leaves an event risk of a ratings downgrade from one of the major agencies, given that the fiscal picture warrants a lower rating for the U.S. government.  </li>
<li>However, current good yield levels on U.S. Treasuries, plus lack of alternative major reserve assets argues against a fiscal crisis occurring. </li>
</ul>


We remain concerned that fiscal stress will be evident in H1 2025, as rating agencies worry over the deficit/debt and interest rate that is unlikely to improve under either president.  
This leaves an event risk of a ratings downgrade from one of the major agencies, given that the fiscal picture warrants a lower rating for the U.S. government.  
However, current good yield levels on U.S. Treasuries, plus lack of alternative major reserve assets argues against a fiscal crisis occurring. 


U.S. Fiscal Policy Post-Election