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Providing Market Insights to C-Suite Executives

Exemplifying MUFG’s commitment to clients as a trusted advisor, MUFG’s Capital Markets Strategy team provides C-suite executives (Board, CEO, CFO, Treasury) insights to anticipate, understand, and respond to important global market, economic and policy developments.

Unlike traditional Wall Street research, MUFG’s Capital Markets Strategy team maintains a dedicated focus on the needs of corporate clients, analyzing key themes that impact business strategy, funding and hedging.

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For more information, contact us.

Tom Joyce
Managing Director
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Stephanie Kendal
Vice President
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Angela Sun 
Associate
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Market Publications

DateTitleLink
04/23/2026Earnings Tailwinds > Hormuz Headwinds (For Now)Learn More
04/21/2026The Global Economy is in Hormuz’s HandsLearn More
04/13/2026Largest Q1 for Global M&A on RecordLearn More
04/10/2026US CPI Surges to 4 Year High on Middle East Energy ShockLearn More
04/08/2026Tactical Retreat or Sustainable Détente?Learn More
04/07/2026Resilient USD Issuance Markets Post Record First QuarterLearn More
04/06/2026Largest Historic Global Oil Supply DisruptionLearn More
03/30/2026Three, Two, OneLearn More
03/27/2026After the Market CloseLearn More
03/26/2026OECD Revises 2026 Inflation Sharply Higher for G20 EconomiesLearn More
03/25/2026Global Shipping Costs SurgingLearn More
03/19/2026The World's Most Consequential Gas FieldLearn More
03/18/2026Brent Forward Curve Believes Hormuz Closure is Relatively TransitoryLearn More
03/17/2026Inflation Eroding Safe-Haven Appeal of Long-Duration BondsLearn More
03/12/2026Corporate Credit Notably Resilient to Formidable Structural HeadwindsLearn More
03/11/2026February's In-Line Inflation Already Old NewsLearn More
03/05/2026Looking for Reliable Safe Havens in an Energy Sector Supply Side ShockLearn More
03/02/2026The Strait of HormuzLearn More
02/26/2026New Era of Resource NationalismLearn More
02/21/2026The Steady Drumbeat of the Trade War Will ContinueLearn More
02/19/2026Strait of Hormuz Closure Would Be DifferentLearn More
02/18/2026The Complex Web of AI Corporate Cross-HoldingsLearn More
02/17/2026Cooler Inflation Data to Start the YearLearn More
02/16/2026Notable Risk Events for Markets in 2026Learn More
02/12/2026Realized 10 Year UST Yields Remarkable Range-BoundLearn More
02/11/2026Undeterred by Trade War, China Deepens Its Industrial DominanceLearn More
02/10/2026Huang's Law Replaces Moore's Law Using Software on a ChipLearn More
02/05/2026Chart of the Day 15 Years Ago (Just for Fun)Learn More
02/02/2026The Stacking of Global Demand Shocks Driving Today's Industrial Metals CycleLearn More
02/02/2026One of the Most Audacious Corporate Funding Grabs to Start a New YearLearn More
01/28/2026Precious Metals, Precious ReturnsLearn More
01/22/2026Torrid Pace of Trump Tariff Announcements Continues into 2026Learn More
01/20/2026From World Order to Regional DisorderLearn More
01/14/2026New Era of Fed FOMC Dissent ExpectedLearn More
01/13/2026US Inflation Figures Point to Extended Fed PauseLearn More
01/12/2026Venezuela's Defaulted Bond &Decaying Oil InfrastructureLearn More
01/08/2026Abundant Supply & Low Oil Prices Increase Foreign Policy Risk AppetiteLearn More
01/06/2026The World's Largest Oil Reserve-to-Production Ratio (R/P)Learn More
12/22/2025Modest Credit Spread Widening & DispersionLearn More
12/18/2025Key Themes for Markets in 2026Learn More
12/16/2025Sizeable & Front-Loaded OBBBA Stimulus in 2026Learn More
12/15/2025Tech & AI Drove the Largest Financings of 2025Learn More
12/11/2025Accommodative Monetary Policy Expected in 2026Learn More
12/10/2025It's Been an Extraordinary Year for Global Equity Market Returns!Learn More
12/09/2025China's Trillion Dollar Trade SurplusLearn More
12/04/2025AI Performance vs. HumansLearn More
12/03/2025It's Been a Great Year for Bond Market Returns!Learn More
12/02/2025The End of QTLearn More
12/01/2025Megadeals Driving 2nd Largest Global M&A Year on RecordLearn More
11/25/2025AI Driving Tech Research Leadership and InnovationLearn More
11/19/2025Tech Innovations Tend to be Net Job CreatorsLearn More
11/17/2025Labor Market Stability Across Most OECD Member StatesLearn More
11/14/2025AI Data Centers Driving Resurgent Demand for Natural GasLearn More
11/13/2025The World's 4th Largest EconomyLearn More
11/12/2025Another Impressive Quarter for Corporate Profitability and Top-Line Growth Learn More
11/11/2025Mounting Concerns Over the Strength of the US ConsumerLearn More
11/10/2025Key Takeaways on the Recent US-China Trade & Economic FrameworkLearn More
11/05/2025We Will Probably Have an Equity Market Correction...At Some Point...in the Future...Sooner or LaterLearn More
11/03/2025Monumental US Supreme Court Case on Trump's IEEPA-Based Tariffs Begins This Week on Wednesday, November 5thLearn More
10/30/2025The Leading Candidates to Replace Powell as Fed ChairLearn More
10/24/2025Belated US CPI Pushing 3% ThresholdLearn More
10/22/2025The Proclivity Toward Tariffs as a Policy Tool Learn More
10/17/2025Historic Strength of Acquisition CurrenciesLearn More
10/16/2025Strongest Cross-Border M&A Activity Since 2021Learn More
10/09/2025Political Risk Amplifies the ''Debasement Trade''Learn More
10/07/2025More than 1/3 of US Imports Exempt from TariffsLearn More
10/05/2025Notable Milestones for USD Credit IssuanceLearn More
10/04/2025Markets Absorb Government Shutdowns Better than Debt Ceiling StandoffsLearn More
10/03/2025China's ''Tech Surprise'' Has Emerged as a Core 2025 ThemeLearn More
09/30/2025New Front in US Trade War Accelerates at Midnight TonightLearn More
09/29/2025This is Not Supposed to HappenLearn More
09/26/2025US Productivity Outperformance may be a Sustainable Post-COVID Mega TrendLearn More
09/23/202510 Yr UST Yields Diverge from Developed Market PeersLearn More
09/19/2025AI & Tech on the Menu at Windsor Castle    Learn More
09/17/2025Exorbitant PrivilegeLearn More
09/16/2025Tension in the Yield CurveLearn More
09/12/2025China's Commanding Lead in the Production & Refining of Strategic MineralsLearn More
09/11/2025Small Signs of Goods Inflation, but Door Open for Fed Cut on Sept 16-17Learn More
09/10/2025US Businesses Bearing Over 65 Percent of TariffsLearn More
09/04/2025The Surge in Global Seaborne Trade Over the Last 25 YearsLearn More
08/29/2025Global FX Trading Volume Has Risen to More than $7.5 Trillion DailyLearn More
08/28/2025The Top 10 Global Economies Since WW2Learn More
08/27/2025The Only Finance Ministry in the World with a Large In-House Intelligence FunctionLearn More
08/26/2025Rates & Corporate Credit Markets Sending Different Signals on US EconomyLearn More
08/25/2025One of the Most Underappreciated Themes of 2025Learn More
08/08/2025The US Economy is 80% Services, & SlowingLearn More
08/07/2025At 12-01am This MorningLearn More
08/06/2025US Small Caps Feel the Policy PainLearn More
08/05/2025The Fed May Cut Rates in September, but…Learn More
08/04/2025Higher Term Premia, Steeper UST Yield CurvesLearn More
08/03/2025Resurgent Corporate Bond Flow Pace Continued in JulyLearn More
08/01/2025Trump Hits Over 90 Countries with Higher Tariffs at August 1 DeadlineLearn More
07/30/2025Projected 5 Year AI CapEx Spend Larger than Most Global EconomiesLearn More
07/29/2025US Trade Agreements Maintain High Base Level of TariffsLearn More
07/28/2025Fastest $1 Trillion USD IG Issuance Year (ex 2020)Learn More
07/24/2025A Structural Realignment of Global Trade and Capital Flows is UnderwayLearn More
07/21/2025The Unprecedented Effort to Fire Fed Chair Powell By SeptemberLearn More
07/19/202570% of Global M&A in North America & EuropeLearn More
07/18/2025Tighter Government Bond Market Liquidity Going into Japanese Election WeekendLearn More
07/17/2025Treasury Markets Responding to the Largest US Peacetime Fiscal Expansion in DecadesLearn More
07/16/2025The OBBBA Made “Permanent” Changes to the US Tax Code to Incentivize Domestic CapEx InvestmentLearn More
07/15/2025Trade Policy Creeps into Tariff-Sensitive Inflation CategoriesLearn More
07/10/2025The Trade War is Back (Though it Never Went Away)Learn More
07/05/2025Strategic Activity Defies Policy UncertaintyLearn More
07/03/2025Resurgent USD Corporate Bond Flows in 1H 2025Learn More
06/30/2025Abundant Global Oil Supply Dampens Geopolitical Risk PremiumLearn More
06/20/2025USD IG Bond Market Strength Evident in Largest 1H Issuance on Record (ex COVID)Learn More
06/18/2025Geostrategic Chokepoints & The Strait of HormuzLearn More
06/12/2025Legal Status of Trump Trade War 2.0Learn More
06/11/2025Tariff Impact on US Inflation Still LimitedLearn More
06/10/2025A Closer Look at Moody's US AAA DowngradeLearn More
06/07/2025US Treasury Market Term Premia Resets HigherLearn More
06/04/2025House Tax Bill Would Add ~$2.5 Trillion to US DeficitsLearn More
05/28/2025Strongest US Economic Recovery on RecordLearn More
05/21/2025Markets Complete Post-Liberation Day Round Trip (Though Still Below Peak)Learn More
05/20/2025Markets More Sensitive to Fiscal Expansion, Debt & DeficitsLearn More
05/15/2025What Americans Worry AboutLearn More
05/14/2025Too Early to Assess Tariff Pass Through to InflationLearn More
05/12/2025The ''Trump Put''Learn More
05/07/2025Silver Linings for Asia's EconomiesLearn More
05/02/2025Most US Treasuries are Domestically and Privately HeldLearn More
04/29/2025Global Economic & Market Forecast Revisions Over the First 100 DaysLearn More
04/28/2025Canada Goes to the PollsLearn More
04/16/2025Every 2-3 DaysLearn More
04/12/2025Presidents Trump & Xi Have Not SpokenLearn More
04/10/2025The Bond Market Has SpokenLearn More
04/09/2025The Tail Is Not Wagging the DogLearn More
04/08/2025Many of the Tariffs are Here to StayLearn More
04/03/2025Liberation Day was Just Another Day in a New Economic ParadigmLearn More
03/29/2025Top Trading Partners for Each US StateLearn More
03/27/2025The Hard Data is Still ResilientLearn More
03/26/2025The Grand Ambitions of a Mar-a-Lago AccordLearn More
03/25/2025Consumer Confidence DipsLearn More
03/20/2025Policy Uncertainty Adversely Impacting SentimentLearn More
03/13/2025Paradigm Shift in Market SentimentLearn More
03/12/2025Softer Inflation Ahead of Impending Tariff RiskLearn More
02/28/2025Tech and Taxes Swept into Trade WarLearn More
02/27/2025Timeline for Tariffs Fast ApproachingLearn More
02/24/2025Three Years After Russia's Invasion of Ukraine (Feb 24, 2022)Learn More
02/21/2025USD Bonds More Resilient Than Risk AssetsLearn More
02/20/2025Historic Pace of Trump Executive OrdersLearn More
02/19/2025Stocks Don't Like Trade War UncertaintyLearn More
02/12/2025US Inflation Progress at Risk of ReversalLearn More
02/11/2025Trump Exporting US Dollar Strength?Learn More
02/01/2025The Trade War Has BegunLearn More
01/24/2025Trump Policy is Better for Stocks Than BondsLearn More
1/23/2025Congress Not The White House Drives TaxLearn More
1/17/2025Accelerated Day 1 Agenda (Over 100 Executive Orders in First Few Days)Learn More
01/15/2025Improved Core Inflation Provides Some Relief for MarketsLearn More
01/13/2025Largest First Full Week of USD IG Issuance on RecordLearn More
01/07/20252024 Creating the Backdrop for 2025Learn More
12/16/2024Withdrawn or Rejected Cabinet Nominees are Rare EventsLearn More
12/11/2024Bumpy Inflation Ride Highlights Strength of US ConsumerLearn More
12/09/2024Notable Milestones for 2024 USD IG IssuanceLearn More
11/25/2024About 1,300 of 4,000 US Presidential Nominees Require Senate ConfirmationLearn More
11/21/2024Congress, Not White House, Drives TaxLearn More
11/20/2024China is Ready This TimeLearn More
11/19/2024Trade War 2.0 Will Be DifferentLearn More
11/15/2024''America First'' Inflation & ''Made in China'' Deflation, At Exactly the Same TimeLearn More
11/14/2024Limited Opportunity to Reshape the FedLearn More
11/13/2024Actual US Inflation Steady, Expectations for Inflation RisingLearn More
11/12/2024The Macro Backdrop for Trump 1.0 vs. 2.0Learn More
11/11/2024The Trump Trade: Volatility DivergenceLearn More
11/05/2024Expectations for Election NightLearn More
11/04/2024The US Economy (Glass Half Empty or Full)Learn More
11/04/2024US Election Update: A “Turnout” Election, if There Ever Was OneLearn More
11/01/2024Despite Washington, Not Because of WashingtonLearn More
10/31/2024Trade War Begins on Day 1 of Trump 2.0Learn More
10/29/2024T-7 Days (Markets Pricing ''Trump Trades'')Learn More
10/23/2024Expanded 2024 BRICS Summit Concludes Today in Kazan, RussiaLearn More
10/22/2024T-2 Weeks (Trump Closes the ''Swing State'' Polling Gap)Learn More
10/15/2024T-3 Weeks (Momentum Shift)Learn More
10/14/2024Artificial Intelligence (AI) Providing Significant Boost to Asia Exports & GrowthLearn More
10/10/2024Inflation Progress Slows on Uneven PathLearn More
10/09/2024Volatile “Betting Markets” Swing Back To TrumpLearn More
10/06/2024T-30 Days ('October Surprises')Learn More
10/04/2024Global Markets Through the End of Q3, 2024Learn More
10/02/2024Full Year of Issuance in Just 9 MonthsLearn More
10/01/2024Going into the VP Debate (T-35 Days)Learn More
09/30/2024Notable 2024 USD IG Issuance MilestonesLearn More
09/27/2024Among the Strongest US Economic Recoveries on RecordLearn More
09/26/20248 Notable Observations on Post-Election US Dollar PolicyLearn More
09/23/2024Observations on the Fed’s Outsized 50 bps Rate CutLearn More
09/16/2024T-50 DaysLearn More
09/12/2024Misery Index Not So MiserableLearn More
09/11/2024Higher Than Expected Core CPI Clarifies Path for Next Week's FOMC MeetingLearn More
09/10/2024Debates Can MatterLearn More
09/08/2024Historic Post-Labor Day IG IssuanceLearn More
09/07/2024Resurgent “Scale & Scope” Megadeal ActivityLearn More
09/06/2024Active USD HY Issuance Breaks through $200 bn Threshold (+86% YTD)Learn More
09/05/2024USD HY Market Not Pricing a US RecessionLearn More
09/04/2024Historic Labor Day Tuesday for IG Dollar IssuanceLearn More
09/03/2024Probability of US Recession Over Next 12 MonthsLearn More
08/28/20248 Sequential Months of USD IG Issuance > $100 bn in 2024 YTD (New Milestone)Learn More
08/27/2024Bullish Curve Flattening Common Before US ElectionsLearn More
08/23/2024Frowns & Smiles Going into Jackson HoleLearn More
08/22/2024T-75 DaysLearn More
08/20/2024Q2 Earnings Tilt Toward “Soft Landing” NarrativeLearn More
08/16/2024Strategic M&A Deal Valuations NormalizingLearn More
08/15/2024Fortified Cash-Rich Balance Sheets & Abundant Global CapitalLearn More
08/14/2024U.S. Inflation Drops Below 3%, Down From 9.1% Peak 2 Years AgoLearn More
08/02/2024Technology Trends in 2024Learn More
DateTitleLink
04/24/2026Responsible AILearn More
04/10/2026Updated Rankings on Global AI Language ModelsLearn More
03/20/2026Tech & AI as Pervasive M&A DriverLearn More
03/06/2026Productivity Ebbs and Flows with Technology CyclesLearn More
02/27/2026Venture Capital and Private Sector ActivityLearn More
02/20/2026AI Disruption Fears Rolling Through Business Models and MarketsLearn More
02/13/2026AI's Impact on Labor MarketsLearn More
01/30/2026Relative AI Computational PowerLearn More
01/16/2026AI in the MarketsLearn More
01/09/2026AI Adoption AcceleratingLearn More
12/19/2025Financing the AI Capex SupercycleLearn More
12/12/2025Chip WarsLearn More
12/05/2025AI's Energy-Intensive ExpansionLearn More

Speaking Requests

  • Corporate Board meetings
  • CEO Executive Committee presentations
  • Chief Financial Officer global finance team presentations
  • Global treasury and town hall meetings
  • Global leadership off-sites
  • Trade association meetings
  • Conferences
  • Corporate dinners
  • Private Equity partnership gatherings
  • Private Equity portfolio company meetings

To request an event, please contact the Capital Markets Strategy Team directly at CMGStrategy@mufgsecurities.com

 

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Team Bios

Tom Joyce Tom Joyce
Managing Director
Capital Markets Strategist
New York, NY
Tom.Joyce@mufgsecurities.com

Tom Joyce is a Managing Director and Capital Markets Strategist within MUFG’s global capital markets and investment banking business. Based in New York, Tom heads a team that creates customized analytical content for multi-national S&P 500 companies. His team provides in depth analysis on the impact of economic, political, public policy and regulatory dynamics on the US credit, foreign exchange, rates and commodities markets.

Tom has over 25 years of Investment Banking experience in New York, London, Hong Kong, and San Francisco. Over the last 15 years, Tom created and built the Capital Markets Strategy role, advising corporate C-Suite executives (Boards, CEOs, CFOs, and Treasurers) on the pervasive macro forces driving markets. Tom also presents at dozens of corporate events each year including Board meetings, CEO ExCo sessions, CFO and Treasury off-sites, corporate leadership events and conferences.

Tom’s educational background includes a year of study at Oxford University from 1991 - 1992, a Bachelor of Arts in Political Science from Holy Cross College in 1993, and a MBA from Kellogg Business School, Northwestern University in 2000.

Tom resides in New Canaan, CT with his wife and four sons, where he coaches youth basketball and serves on the Board of Trustees of the New Canaan Library, the Board of the New Canaan Football (Soccer) Club and the Holy Cross College President’s Council.

Stephanie KendalStephanie Kendal
Vice President
Capital Markets Strategist
New York, NY
Stephanie.Kendal@mufgsecurities.com

Stephanie Kendal is a Vice President in MUFG’s Capital Markets Strategy group within the global capital markets and investment banking business. The team provides market based content for corporate clients to assist in strategic decision making. Focus areas include the impact of economic, political, public policy and regulatory dynamics on the US credit, foreign exchange, rates and commodities markets.

Stephanie has spent over six years as a Capital Markets Strategist. She is an active member of the University of Michigan recruiting team and is focused on the diversity recruiting effort at MUFG. Stephanie is also a part of MUFG’s DEI, Culture & Philanthropy (DCP) Council.

Stephanie graduated with honors from the University of Michigan’s Ross School of Business with a BBA .

Stephanie is actively involved in NYC’s iMentor program, mentoring high school students with their journey to college graduation. She also volunteers at Experience Camps, a free summer camp program for grieving children. 

Stephanie KendalAngela Sun
Associate
Capital Markets Strategist
New York, NY
Angela.Sun@mufgsecurities.com

Angela Sun is an Analyst in MUFG’s Capital Markets Strategy group within the global capital markets and investment banking business. The team provides market based content for corporate clients to assist in strategic decision making. Focus areas include the impact of economic, political, public policy and regulatory dynamics on the US credit, foreign exchange, rates and commodities markets.

Angela previously interned at MUFG working in Capital Markets within the Equity Capital Markets and Leveraged Finance divisions. She is also an active member of the Carnegie Mellon University recruiting team.

Angela graduated with honors from Carnegie Mellon University’s Tepper School of Business with a BS in Business Administration with an additional major in Statistics and a minor in Media Design. She was a member of Alpha Kappa Psi business fraternity and the Undergraduate Entrepreneurship Association.