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

United Kingdom: Inflation Without Benefits

Fortress Hill Advisors

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

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<ul>
<li>The July CPI was notable for the clear and larger-than-expected fall in services inflation,  driven by a fall in restaurant/hotel inflation. This is a bellwether indicator of price persistence. </li>
<li>The August data showed mixed signs on such a basis.  Indeed, services inflation rose back 0.4 ppt to 5.6%, up from a two-year low but still below the BoE projection.</li>
<li>Indeed, the core would have fallen below 3% without airfares.  Moreover, restaurant inflation hit a new cycle low amid generally softer price pressures in which eight (of 12) CPI components fell.</li>
</ul>


The July CPI was notable for the clear and larger-than-expected fall in services inflation,  driven by a fall in restaurant/hotel inflation. This is a bellwether indicator of price persistence. 
The August data showed mixed signs on such a basis.  Indeed, services inflation rose back 0.4 ppt to 5.6%, up from a two-year low but still below the BoE projection.
Indeed, the core would have fallen below 3% without airfares.  Moreover, restaurant inflation hit a new cycle low amid generally softer price pressures in which eight (of 12) CPI components fell.


UK: CPI and BOE Review