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
tom.joyce@mufgsecurities.com
Hailey Orr
Managing Director
hailey.orr@mufgsecurities.com
Stephanie Kendal
Vice President
stephanie.kendal @mufgsecurities.com
Market Publications
| Date | Title | Link |
|---|---|---|
| 09/26/2023 | Duration of U.S. Government Shutdowns | Learn More |
| 09/20/2023 | Higher Friction Geopolitics | Learn More |
| 09/18/2023 | $100 Oil | Learn More |
| 09/14/2023 | Forthcoming Capex Supercycle | Learn More |
| 09/13/2023 | Headline Inflation Higher on Energy Prices (Core Inflation’s Decline Firmly Intact) | Learn More |
| 09/12/2023 | M&A Cycle Disconnecting from Rising Equities | Learn More |
| 09/08/2023 | Negative Structural & Cyclical Feedback Loops Weigh Heavily on China's Growth | Learn More |
| 09/07/2023 | New Normal for China Growth 5% | Learn More |
| 09/06/2023 | Busiest IG Bond Volume Day in 2023 (5th Largest Ever) | Learn More |
| 09/05/2023 | Business Cycle Status for G20 Economies | Learn More |
| 08/24/2023 | BRICS Invite 6 New Members in Southern Expansion | Learn More |
| 08/22/2023 | Shifts in U.S. Treasury Supply | Learn More |
| 08/21/2023 | High Yield Spreads Pricing a Soft Landing | Learn More |
| 08/15/2023 | Market Repricing Long Term U.S. Inflation Expectations | Learn More |
| 08/14/2023 | At 23-Year Highs U.S. Mortgage Rates Rising with UST Yields | Learn More |
| 08/11/2023 | Paradigm Shift in Source of U.S. Rate Volatility | Learn More |
| 08/10/2023 | Moderating July Inflation Reinforces Expectations of Fed Pause in September | Learn More |
| 08/09/2023 | Nine Countries with AAA Ratings | Learn More |
| 08/08/2023 | Debt & Deficits Matter | Learn More |
| 08/07/2023 | Global Government Bond Yields at Multi-Year Highs | Learn More |
| 08/04/2023 | Sahm Rule NOT Signaling Recession | Learn More |
| 08/03/2023 | Global Manufacturing Recession Has Further to Run | Learn More |
| 08/01/2023 | Less Rate Sensitive US Economy | Learn More |
| 07/26/2023 | Who is Buying $1 Trillion of U.S. Treasuries | Learn More |
| 07/25/2023 | Americas $20 Trillion Economy by State | Learn More |
| 07/19/2023 | Leverage Loan Defaults Than High Yield | Learn More |
| 07/12/2023 | U.S. Inflation Drops to 27 Month Low of 3% | Learn More |
| 07/11/2023 | Attractive Entry Point for High Quality Credit | Learn More |
| 07/10/2023 | Resilient U.S. Consumer & Economy | Learn More |
| 07/08/2023 | Buyback Stocks Outperformed Dividends in 1H 2023 | Learn More |
| 07/07/2023 | Strength Across Markets in the 1H 2023 | Learn More |
| 07/06/2023 | Strong Corporate Balance Sheets with Divergence by Rating | Learn More |
| 07/05/2023 | Real Rates More Firmly Positive | Learn More |
| 06/29/2023 | Corporates Moving Opportunistically to Pre-Fund 2025 HY Maturity Wall | Learn More |
| 06/21/2023 | USD High Yield Spreads Vulnerable to Widening in 2H 2023 | Learn More |
| 06/14/2023 | IG & HY Credit Spreads Trading Below Multi-Decade Averages | Learn More |
| 06/13/2023 | Headline US Inflation More than 50% Below June Peak | Learn More |
| 06/08/2023 | Share Buybacks Hit Record $1.3 Trillion in 2022 | Learn More |
| 06/06/2023 | Major Markets Sending “Mixed Signals” on the Economy | Learn More |
| 06/05/2023 | Strength Across Markets in the 1H 2023 | Learn More |
| 06/01/2023 | Earnings Recessions in the Absence of Economic Recessions Are Rare | Learn More |
| 05/15/2023 | Treasury Cash Balances Depleting Rapidly | Learn More |
| 05/13/2023 | The Exorbitant Privilege of Dollar Dominance | Learn More |
| 05/12/2023 | Historical Perspective on the Debt Ceiling | Learn More |
| 05/11/2023 | United States CDs at Significant Risk Premium | Learn More |
| 05/10/2023 | Inflation Below 5% for First Time in 2 Years | Learn More |
| 05/09/2023 | Demand for High Quality Fixed Income Remains Strong | Learn More |
| 05/03/2023 | The Last Two Months | Learn More |
| 05/01/2023 | Further Bank Sector Consolidation Anticipated | Learn More |
| 04/28/2023 | Global Military Spending Reaches New $2.24 Trillion Recovery | Learn More |
| 04/27/2023 | Global Recovery Unlikely to be Strong | Learn More |
| 04/24/2023 | The Credit Cycle Has Begun to Turn | Learn More |
| 04/21/2023 | The World's 20 Largest Banks | Learn More |
| 04/20/2023 | Divergent Progress in Reducing Inflation | Learn More |
| 04/19/2023 | Inflation's Impact on Corporate Margins | Learn More |
| 04/18/2023 | Taking Advantage of Windows of Stability | Learn More |
| 04/17/2023 | Bond Markets Still Offering Attractive Yields | Learn More |
| 04/13/2023 | Approaching the End of the Cycle | Learn More |
| 04/12/2023 | Core Inflation Headline for First Time in 2 Years (Services Remain Sticky) | Learn More |
| 04/03/2023 | 5th Largest IG Quarter on Record | Learn More |
| 03/31/2023 | Women on Banknotes Remain Rare | Learn More |
| 03/29/2023 | HY IG Spread Differential Signaling US Recession | Learn More |
| 03/22/2023 | Financial Stability a Greater Concern than Inflation | Learn More |
| 03/21/2023 | Financial and Bank Sector Conditions Tightening | Learn More |
| 03/20/2023 | Sharp Drop In Treasury Liquidity Driving Global Market Volatility | Learn More |
| 03/15/2023 | Did the Recession Start on Friday March 10th | Learn More |
| 03/14/2023 | Balancing Financial Stability and Inflation Policy Objectives | Learn More |
| 03/13/2023 | The Impact of Fed Tightening Has Just Begun | Learn More |
| 03/09/2023 | Global Supply Chain Pressure Index Returns to Pre-COVID Average | Learn More |
| 03/08/2023 | Hawkish on the Hill | Learn More |
| 03/06/2023 | The World's Largest Legislative Body Consolidates Political & Economic Power | Learn More |
| 03/02/2023 | Insufficiently Restrictive FED Funds Still Negative on Real Basis | Learn More |
| 03/01/2023 | New Issue Markets Off to Strong Start | Learn More |
| 02/24/2023 | Markets One Year After Russia's Feb 24 Invasion | Learn More |
| 02/23/2023 | Lowest NYC Snowfall in 150 Years | Learn More |
| 02/20/2023 | Counterintuitivity (European Gas Prices and Growth Rates) | Learn More |
| 02/15/2023 | Retail Sales Rebound Sharply from Cool December | Learn More |
| 02/14/2023 | Sticky & Non-Linear | Learn More |
| 02/09/2023 | Labor Markets Provide Buffer for Recession Timing | Learn More |
| 02/08/2023 | Consumer Debt to GDP Well Below GFC Levels | Learn More |
| 02/01/2023 | Manufacturing Recession Already Upon Us | Learn More |
Policy Notes
| Date | Title | Link |
|---|---|---|
| 09/22/2023 | Hawkish Fed Pause Drives U.S. Rates to 17 Year Highs | Learn More |
| 05/25/2023 | Fitch Places United States' 'AAA' on "Rating Watch" | Learn More |
| 05/16/2023 | Stakes Higher Markets More Sensitive Risk Lower | Learn More |
| 05/15/2023 | Viable and Non-Viable Options for US Debt Ceiling Resolution | Learn More |
| 05/08/2023 | Expectations from Washington on US Bank Sector Stress | Learn More |
| 04/06/2023 | The BOJ's Changing of the Guard | Learn More |
| 03/13/2023 | A Closer Look at Silicon Valley Bank | Learn More |
| 01/18/2023 | Downside and Upside Risks for 2023 | Learn More |
| 01/17/2023 | Summary Conclusions on the Fed and Inflation in 2023 | Learn More |
| 10/31/2022 | Legislative and Policy Implications of the US Midterm Elections | Learn More |
| 10/20/2022 | Services Inflation Remains the Primary Concern | Learn More |
| 8/15/2022 | Breaking down the $740 bn Inflation Reduction Act & the $280 bn CHIPS and Science Act | Learn more |
| 6/3/2022 | The EU's 6th Sanctions Package | Learn More |
| 5/13/2022 | Looking “Under the Hood” (The Transition from COVID to Conflict Inflation) | Learn more |
| 5/11/2022 | Detailed Inflation Breakdown by Category | Learn more |
| 5/5/2022 | Record Supply Side Delays Continue | Learn more |
| 3/22/2022 | SEC Issues Highly Anticipated Climate Disclosure Rule Proposal | Learn more |
| 3/7/2022 | Investors Incorporating Russia into ESG Agenda | Learn more |
| 2/28/2022 | Sanctioning the Central Bank of Russia (CBR) | Learn more |
| 2/26/2022 | Why the West is Hesitant to Deny Russia Access to SWIFT, and How that May Change | Learn more |
|
1/27/2022 |
Labor Market Shortages | Learn more |
| 1/20/2022 | The Implications of De-Globalization | Learn more |
| 1/14/2022 | Key Risks to Watch in 2022 | Learn more |
| 12/30/2021 | Remarkable 2021 Recovery Sets Backdrop for 2022 | Learn more |
| 11/30/2021 | What to Watch with the Omicron Variant | Learn more |
| 11/2/2021 | Evolving Expectations for US Tax Code Change | Learn more |
| 9/28/21 | President Biden Fed Appointments in the Weeks Ahead | Learn more |
Speaking Requests
The Capital Markets Strategy team is available to speak at corporate client events, both in person and via video conference. Hundreds of such events in recent years include:
- 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
Team Bios
 |
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.
 |
Hailey Orr Director Capital Markets Strategist New York, NY Hailey.Orr@mufgsecurities.com |
Hailey Orr is a Director 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.
Hailey has a decade of Wall Street experience, including three years as a Consumer Sector Specialist in Equity Sales and seven years as a Capital Markets Strategist. Hailey is also a member of MUFG’s Inclusion & Diversity Council and has devoted years to participating in and developing Wall Street recruiting programs.
Hailey graduated with honors from the University of Michigan’s Ross School of Business with a BBA and a minor in International Studies.
In March 2020, Crain’s New York Business Magazine named Hailey one of the “Rising Stars in Banking and Finance”.
 |
Stephanie Kendal Associate Capital Markets Strategist New York, NY Stephanie.Kendal@mufgsecurities.com |
Stephanie Kendal is an associate 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 three years as a Capital Markets Strategist. At her prior firm, Stephanie was a part of the Americas Women’s Network Junior Council and was an active member of the University of Michigan recruiting team.
Stephanie graduated with honors from the University of Michigan’s Ross School of Business with a BBA .