A potential clash between JD Vance and Elon Musk is anticipated, with significant implications for the stock market and the future of American technology. Vance opposes big tech and advocates for decentralization, while Musk supports a technopolitical merger with government, reflecting a broader ideological battle in the post-Trump era. The outcome could reshape the dominance of tech giants and influence equity markets, particularly the Nasdaq.
T. Rowe Price Group Inc. is adopting a risk-off approach in the credit markets, anticipating that higher inflation in 2025 will pressure yields. Ken Orchard, head of international fixed income, emphasizes a preference for the stability of bank loans and securitized credit over the volatility of bonds, while being underweight in global investment-grade bonds and dollar-denominated emerging market securities.
Swiss banks are gearing up for the implementation of "Basel III Final" by January 1, 2025, which will significantly alter credit pricing and capital requirements. The output floor will increase capital needs for top-rated residential mortgages, potentially raising costs by 20 basis points for prime loans. This regulatory shift necessitates strategic adjustments in pricing and risk management for banks to remain competitive in the evolving credit market.
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