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Anna Stupnytska - Global Macro Economist

Podcast 43 min listen

July's Rich Pickings podcast: Beware the consensus - what the US election means for investors

"There are more similarities between Trump and Biden than people realise," says Portfolio Manager Aditya Khowala in this month's Rich Pickings.

Richard Edgar + 8 others | 29 July 2020

Video 30 min watch

Fidelity live: CIOs webcast replay

As the world emerges from lockdown, hear our CIOs discuss their outlook for the next quarter and beyond.

Andrew McCaffery + 3 others | 27 July 2020

Article 12 min read

Fidelity CIO Outlook Q3: Nearing the limit

Markets will struggle to surpass second quarter rebound.

Andrew McCaffery + 4 others | 27 July 2020

Blog 3 min read

Landmark EU deal may lead to better economic outcomes

EU Recovery Fund marks new chapter for Union.

Anna Stupnytska + 1 other | 21 July 2020

Article 5 min read

Macroeconomic update: Taking the elevator down and the stairs back up

We have downgraded our 2020 growth numbers for all three scenarios, across both developed markets and emerging markets.

Anna Stupnytska | 1 July 2020

Podcast 46 min listen

June's Rich Pickings podcast: Know your enemy

"The anaesthetist has shown up to give morphine [to the global economy] but the doctor's still not shown up to do surgery," says Portfolio Manager Amit Lodha.

Richard Edgar + 5 others | 26 June 2020

Blog 1 min read

Anna Stupnytska | 18 June 2020

Article 6 min read

Inflation outlook: Disinflation for now, but future depends on policy choices

Inflation outlook: Disinflation for now, but future depends on policy choices

Anna Stupnytska | 12 June 2020

Blog 1 min read

Fed in a holding pattern, for now

Trajectory of the recovery remains uncertain despite better employment figures in May.

Anna Stupnytska | 10 June 2020

Blog 2 min read

ECB pleases markets with additional €600bn stimulus

The central bank has increased the size of its pandemic stimulus package to €1.35 trillion

Anna Stupnytska | 4 June 2020

Podcast 40 min listen

May's Rich Pickings podcast: The case against inflation

Why inflation will be some way off - and how portfolios are being adjusted as the old rules are torn up.

Richard Edgar + 3 others | 21 May 2020

Blog 2 min read

Macro briefing: German court ruling may reduce ECB firepower

The German court ruling poses long-term risks to ECB's flexibility

Anna Stupnytska + 1 other | 7 May 2020

Article 2 min read

The New Economic Order

We believe the Covid-19 crisis will trigger a step-change in policy, accelerate existing trends and transform investment frameworks.

Andrew McCaffery + 3 others | 5 May 2020

Blog 2 min read

ECB: Whatever it takes, a thousand times over

ECB introduces pandemic emergency refinancing operations.

Anna Stupnytska | 30 April 2020

Blog 2 min read

Fed holds fire for now, but ready for further action

The Fed Reserve made it clear that it is prepared to intervene further if required

Anna Stupnytska | 29 April 2020

Blog 5 min read

Fidelity CIO: Possible economic scenarios

Challenges lie ahead for the global economy.

Andrew McCaffery + 1 other | 16 April 2020

Blog 1 min read

Macro briefing: Heavyweight policies launched but more may be required

Macro briefing: Heavyweight policies launched but more may be required

Anna Stupnytska + 1 other | 26 March 2020

Blog 1 min read

Massive US fiscal package needs effective implementation

A rescue package for ‘Main Street’ has been agreed. This far-reaching deal unlocks funds to support the US economy, but implementation is crucial.

Anna Stupnytska | 25 March 2020

Blog 1 min read

Fed unleashes unprecedented QE, but unclear if Congress will act soon enough

The Fed has launched QE infinity, committing to unlimited purchases of government bonds and mortgage backed securities.

Anna Stupnytska | 23 March 2020

Blog 3 min read

Recession is here - how bad will it be?

Recession is here - how bad will it be?

Anna Stupnytska | 20 March 2020

Blog 2 min read

ECB: Not another “whatever it takes” moment, but a smart move nonetheless

The ECB unveiled a targeted stimulus package but kept rates unchanged.

Anna Stupnytska | 12 March 2020

Blog 2 min read

UK Treasury and BOE unveil ‘comprehensive’ stimulus package to combat virus effects

BOE and Treasury action on the same day signals the policymakers’ preparedness to respond.

Anna Stupnytska | 11 March 2020

Blog 3 min read

Your move, governments

Markets are reacting to two shocks in one day: an oil price drop and coronavirus risk. They form a clear catalyst for fiscal policy action.

Anna Stupnytska | 9 March 2020

Blog 1 min read

Fed's emergency cut is a strong signal to markets

The US Federal Reserve has issued an emergency 50bps cut to allay coronavirus fears ahead of its monetary policy meeting in March.

Anna Stupnytska + 1 other | 3 March 2020

Article 4 min read

Coronavirus: will there be a global recession?

Market expectations of intervention remain high.

Anna Stupnytska + 1 other | 2 March 2020

Podcast 38 min listen

February's Rich Pickings podcast: Coronavirus - the view from China

"Unorthodox policy may have to meet an unorthodox situation," says head of fixed income in Asia, Bryan Collins, in this month's Rich Pickings.

Richard Edgar + 4 others | 27 February 2020

Blog 4 min read

Coronavirus: the impact on our global economic outlook

Global growth shock in a world of limited policy tools.

Romain Boscher + 3 others | 10 February 2020

Blog 1 min read

The Fed remains firmly on hold

The overall message at the US Federal Reserve’s May meeting was clear and simple - it is firmly on hold for now.

Anna Stupnytska + 1 other | 1 May 2019

Blog 3 min read

Data is helping to identify the diversity strategies that work

The approach to diversity is starting to shift away from random, box-ticking initiatives to a systematic, increasingly sophisticated, evidence-based journey.

Anna Stupnytska | 15 April 2019

Article 1 min read

The ECB plays ‘wait and see’

The European Central Bank kept policy unchanged at its April meeting, and reverted back to 'wait and see' mode

Anna Stupnytska | 10 April 2019

Podcast 29 min listen

April's Rich Pickings podcast: Arrivederci euro?

"The markets are yet to catch up with reality," says Head of Global Macro Economics and Investment Strategy, Anna Stupnytska.

Richard Edgar + 5 others | 10 April 2019

Article 3 min read

Why the Fed pivoted and what happens next

The Fed's dovish tone might not last for long.

Anna Stupnytska | 29 March 2019

Article 1 min read

The Fed's message is solidly dovish; for now

The Fed stuck to its solidly dovish message in March, in line with market expectations. However, it risks leaving itself little room for manoeuvre.

Anna Stupnytska | 20 March 2019

Blog 2 min read

ECB startles with dovish move

The central bank kept rates on hold and unveiled new cheap funding measures to boost the faltering Eurozone economy.

Anna Stupnytska | 7 March 2019

Blog 3 min read

Macro slowdown clashes with market optimism

The disconnect between economic fundamentals and markets is unlikely to be sustainable in the short term.

Anna Stupnytska | 28 February 2019

Blog 2 min read

Will the change in message come back to haunt the Fed?

The Fed's dovish message was a remarkable shift, and likely unnecessary as not much has changed over the past few weeks in terms of the economic outlook.

Anna Stupnytska | 30 January 2019

Blog 2 min read

Brexit vote: Next steps

What next for Brexit after Prime Minister Theresa May's historic defeat?

Anna Stupnytska + 3 others | 17 January 2019

Article 10 min read

Choose your own adventure: China’s economic destiny

What does it mean for the rest of the world if in a decade's time China becomes the preeminent economic superpower, or gets stuck in the middle-income trap?

Anna Stupnytska + 4 others | 11 January 2019

Blog 2 min read

Challenging consensus: market fears of a US recession may be overdone

Markets may be overly pessimistic over an imminent US recession given the recent uptick in real wages.

Anna Stupnytska | 4 January 2019

Blog 2 min read

Fed delivers a hawkish surprise, with dovish elements

Fed delivers a hawkish surprise, with dovish elements

Anna Stupnytska | 19 December 2018

Blog 2 min read

Price moderation is an encouraging sign in the global housing market

Price moderation in some overvalued housing markets is an encouraging sign, as it is due mostly to supply-side policy measures rather than weakness in demand.

Anna Stupnytska | 13 December 2018

Blog 5 min read

What to expect from the US midterm elections: Macroeconomic and market implications

Fidelity's cross-asset scenario analysis on potential outcomes from the US midterm elections assesses the macroeconomic and market implications.

Anna Stupnytska + 1 other | 1 November 2018

Blog 1 min read

Further Fed tightening could prove too much for the rest of the world

The Fed will have to strike a more cautious tone, slowing the pace of tightening next year - but we are not there yet.

Anna Stupnytska | 26 September 2018

Article 6 min read

Changing world, changing risks

Investors need to be braced for a potential shift in market leadership. Will the end of the current cycle will be as peculiar as the rally that preceded it?

Anna Stupnytska + 3 others | 25 September 2018

Article 3 min read

Global growth: running out of steam

Global growth, which has been led by the US, is losing momentum, while China is also cooling.

Anna Stupnytska | 3 September 2018

Podcast 22 min listen

August's Rich Pickings podcast: Could Turkey's turmoils travel?

Is the Turkey crisis isolated or systemic? And if it does spread, where do Fidelity's asset allocators think its effects will be most significant?

James Bateman + 3 others | 17 August 2018

Blog 1 min read

No surprises as the Fed sticks to the plan, for now

There were no surprises as the Fed stuck to the plan, and for good reason: data is strong and inflation on track.

Anna Stupnytska | 1 August 2018

Blog 1 min read

The ECB’s monetary policy is needlessly loose

The European Central Bank’s (ECB) unnecessarily loose monetary policy may leave it out of options when the next downturn comes.

Anna Stupnytska | 27 July 2018

Podcast 25 min listen

July's Rich Pickings podcast: Grit in the system risks unravelling of global economy

Fidelity's Asset Allocation Group meet to discuss their positioning this month, hard-to-read market sentiment, and the growing seriousness of a trade war.

Bill McQuaker + 4 others | 16 July 2018

Blog 3 min read

The changing nature of inflation

What does lower inflation for longer mean for the future dynamics of inflation indicators

Anna Stupnytska | 14 December 2017

Article 9 min read

What are the signs? The evidence for and against a looming correction

Stretched valuations, peaking indicators, and central bankers starting to withdraw liquidity. Are we running out of road?

Anna Stupnytska + 3 others | 11 December 2017

Article 9 min read

Easy days could soon be over: central bank policy normalisation

Easy monetary policy could soon be over, with huge consequences for debt, asset prices, inflation and much else.

David Buckle + 2 others | 11 December 2017

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