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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
Director
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Angela Sun 
Associate
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Market Publications

DateTitle
07/29/2026The Startling Math of TFR (Total Fertility Rate)
07/28/2026Global Supply Chains Tightening
07/25/2026One War, Two Geostrategic Casualties
07/23/2026Convexity in Action
07/22/2026Why Jet Fuel Is Outrunning Crude
07/21/2026Moving Off-the-Grid
07/15/2026Big Tech Stocks Enter Correction Territory
07/14/2026Cooler-Than-Expected June Inflation May Not Last if Middle East Tension Continues
07/12/2026Scale Capital Issuance Extending Duration
07/07/2026The Resilience Paradox
07/04/2026The Semiquincentennial: America at 250 (1776 - 2026)
07/01/2026Weakest Yen Since 1986 as Core Macro Theme for 2H 2026
06/30/2026AI's Expansion Drives Record Convert Volumes
06/22/2026In Memoriam Alan Greenspan (March 6, 1926 - June 22, 2026)
06/19/2026US Rates Decouple from Oil
06/18/2026Largest Oil Price Shock in History Could Have Been Worse
06/16/2026SpaceX Redefines the Upper Bound for Equity Markets
06/15/202619,392 Days
06/12/2026Menu of US Inflation Metrics All Above Target
06/10/2026Energy-Driven US Inflation Surges Above 4% in May
06/09/2026Today is Day 100
06/05/2026Fed Chair Warsh's Macro Inheritance
06/04/2026Hormuz Shatters Global Central Bank Policy Path Expectations
06/01/2026While We Have Been Busy Looking at Oil Prices
05/28/2026Inelastic & Elastic Demand
05/20/2026Hormuz Quagmire Triggers Global Rates Selloff
05/14/20261/3 of Hyperscaler Capex Directed Toward Memory Chips
05/13/2026US Inflation Jumps, Yields Climb
05/07/2026Inflection Point for AI Expansion Has Shifted to Data Center Infrastructure
05/06/2026The Political Impact of Higher Energy Prices
05/05/2026Semi Stocks Soaring
05/04/2026The Most Important Chart in Global Markets
04/23/2026Earnings Tailwinds > Hormuz Headwinds (For Now)
04/21/2026The Global Economy is in Hormuz’s Hands
04/13/2026Largest Q1 for Global M&A on Record
04/10/2026US CPI Surges to 4 Year High on Middle East Energy Shock
04/08/2026Tactical Retreat or Sustainable Détente?
04/07/2026Resilient USD Issuance Markets Post Record First Quarter
04/06/2026Largest Historic Global Oil Supply Disruption
03/30/2026Three, Two, One
03/27/2026After the Market Close
03/26/2026OECD Revises 2026 Inflation Sharply Higher for G20 Economies
03/25/2026Global Shipping Costs Surging
03/19/2026The World's Most Consequential Gas Field
03/18/2026Brent Forward Curve Believes Hormuz Closure is Relatively Transitory
03/17/2026Inflation Eroding Safe-Haven Appeal of Long-Duration Bonds
03/12/2026Corporate Credit Notably Resilient to Formidable Structural Headwinds
03/11/2026February's In-Line Inflation Already Old News
03/05/2026Looking for Reliable Safe Havens in an Energy Sector Supply Side Shock
03/02/2026The Strait of Hormuz
02/26/2026New Era of Resource Nationalism
02/21/2026The Steady Drumbeat of the Trade War Will Continue
02/19/2026Strait of Hormuz Closure Would Be Different
02/18/2026The Complex Web of AI Corporate Cross-Holdings
02/17/2026Cooler Inflation Data to Start the Year
02/16/2026Notable Risk Events for Markets in 2026
02/12/2026Realized 10 Year UST Yields Remarkable Range-Bound
02/11/2026Undeterred by Trade War, China Deepens Its Industrial Dominance
02/10/2026Huang's Law Replaces Moore's Law Using Software on a Chip
02/05/2026Chart of the Day 15 Years Ago (Just for Fun)
02/02/2026The Stacking of Global Demand Shocks Driving Today's Industrial Metals Cycle
02/02/2026One of the Most Audacious Corporate Funding Grabs to Start a New Year
01/28/2026Precious Metals, Precious Returns
01/22/2026Torrid Pace of Trump Tariff Announcements Continues into 2026
01/20/2026From World Order to Regional Disorder
01/14/2026New Era of Fed FOMC Dissent Expected
01/13/2026US Inflation Figures Point to Extended Fed Pause
01/12/2026Venezuela's Defaulted Bond &Decaying Oil Infrastructure
01/08/2026Abundant Supply & Low Oil Prices Increase Foreign Policy Risk Appetite
01/06/2026The World's Largest Oil Reserve-to-Production Ratio (R/P)
12/22/2025Modest Credit Spread Widening & Dispersion
12/18/2025Key Themes for Markets in 2026
12/16/2025Sizeable & Front-Loaded OBBBA Stimulus in 2026
12/15/2025Tech & AI Drove the Largest Financings of 2025
12/11/2025Accommodative Monetary Policy Expected in 2026
12/10/2025It's Been an Extraordinary Year for Global Equity Market Returns!
12/09/2025China's Trillion Dollar Trade Surplus
12/04/2025AI Performance vs. Humans
12/03/2025It's Been a Great Year for Bond Market Returns!
12/02/2025The End of QT
12/01/2025Megadeals Driving 2nd Largest Global M&A Year on Record
11/25/2025AI Driving Tech Research Leadership and Innovation
11/19/2025Tech Innovations Tend to be Net Job Creators
11/17/2025Labor Market Stability Across Most OECD Member States
11/14/2025AI Data Centers Driving Resurgent Demand for Natural Gas
11/13/2025The World's 4th Largest Economy
11/12/2025Another Impressive Quarter for Corporate Profitability and Top-Line Growth
11/11/2025Mounting Concerns Over the Strength of the US Consumer
11/10/2025Key Takeaways on the Recent US-China Trade & Economic Framework
11/05/2025We Will Probably Have an Equity Market Correction...At Some Point...in the Future...Sooner or Later
11/03/2025Monumental US Supreme Court Case on Trump's IEEPA-Based Tariffs Begins This Week on Wednesday, November 5th
10/30/2025The Leading Candidates to Replace Powell as Fed Chair
10/24/2025Belated US CPI Pushing 3% Threshold
10/22/2025The Proclivity Toward Tariffs as a Policy Tool
10/17/2025Historic Strength of Acquisition Currencies
10/16/2025Strongest Cross-Border M&A Activity Since 2021
10/09/2025Political Risk Amplifies the ''Debasement Trade''
10/07/2025More than 1/3 of US Imports Exempt from Tariffs
10/05/2025Notable Milestones for USD Credit Issuance
10/04/2025Markets Absorb Government Shutdowns Better than Debt Ceiling Standoffs
10/03/2025China's ''Tech Surprise'' Has Emerged as a Core 2025 Theme
09/30/2025New Front in US Trade War Accelerates at Midnight Tonight
09/29/2025This is Not Supposed to Happen
09/26/2025US Productivity Outperformance may be a Sustainable Post-COVID Mega Trend
09/23/202510 Yr UST Yields Diverge from Developed Market Peers
09/19/2025AI & Tech on the Menu at Windsor Castle
09/17/2025Exorbitant Privilege
09/16/2025Tension in the Yield Curve
09/12/2025China's Commanding Lead in the Production & Refining of Strategic Minerals
09/11/2025Small Signs of Goods Inflation, but Door Open for Fed Cut on Sept 16-17
09/10/2025US Businesses Bearing Over 65 Percent of Tariffs
09/04/2025The Surge in Global Seaborne Trade Over the Last 25 Years
08/29/2025Global FX Trading Volume Has Risen to More than $7.5 Trillion Daily
08/28/2025The Top 10 Global Economies Since WW2
08/27/2025The Only Finance Ministry in the World with a Large In-House Intelligence Function
08/26/2025Rates & Corporate Credit Markets Sending Different Signals on US Economy
08/25/2025One of the Most Underappreciated Themes of 2025
08/08/2025The US Economy is 80% Services, & Slowing
08/07/2025At 12-01am This Morning
08/06/2025US Small Caps Feel the Policy Pain
08/05/2025The Fed May Cut Rates in September, but…
08/04/2025Higher Term Premia, Steeper UST Yield Curves
08/03/2025Resurgent Corporate Bond Flow Pace Continued in July
08/01/2025Trump Hits Over 90 Countries with Higher Tariffs at August 1 Deadline
07/30/2025Projected 5 Year AI CapEx Spend Larger than Most Global Economies
07/29/2025US Trade Agreements Maintain High Base Level of Tariffs
07/28/2025Fastest $1 Trillion USD IG Issuance Year (ex 2020)
07/24/2025A Structural Realignment of Global Trade and Capital Flows is Underway
07/21/2025The Unprecedented Effort to Fire Fed Chair Powell By September
07/19/202570% of Global M&A in North America & Europe
07/18/2025Tighter Government Bond Market Liquidity Going into Japanese Election Weekend
07/17/2025Treasury Markets Responding to the Largest US Peacetime Fiscal Expansion in Decades
07/16/2025The OBBBA Made “Permanent” Changes to the US Tax Code to Incentivize Domestic CapEx Investment
07/15/2025Trade Policy Creeps into Tariff-Sensitive Inflation Categories
07/10/2025The Trade War is Back (Though it Never Went Away)
07/05/2025Strategic Activity Defies Policy Uncertainty
07/03/2025Resurgent USD Corporate Bond Flows in 1H 2025
06/30/2025Abundant Global Oil Supply Dampens Geopolitical Risk Premium
06/20/2025USD IG Bond Market Strength Evident in Largest 1H Issuance on Record (ex COVID)
06/18/2025Geostrategic Chokepoints & The Strait of Hormuz
06/12/2025Legal Status of Trump Trade War 2.0
06/11/2025Tariff Impact on US Inflation Still Limited
06/10/2025A Closer Look at Moody's US AAA Downgrade
06/07/2025US Treasury Market Term Premia Resets Higher
06/04/2025House Tax Bill Would Add ~$2.5 Trillion to US Deficits
05/28/2025Strongest US Economic Recovery on Record
05/21/2025Markets Complete Post-Liberation Day Round Trip (Though Still Below Peak)
05/20/2025Markets More Sensitive to Fiscal Expansion, Debt & Deficits
05/15/2025What Americans Worry About
05/14/2025Too Early to Assess Tariff Pass Through to Inflation
05/12/2025The ''Trump Put''
05/07/2025Silver Linings for Asia's Economies
05/02/2025Most US Treasuries are Domestically and Privately Held
04/29/2025Global Economic & Market Forecast Revisions Over the First 100 Days
04/28/2025Canada Goes to the Polls
04/16/2025Every 2-3 Days
04/12/2025Presidents Trump & Xi Have Not Spoken
04/10/2025The Bond Market Has Spoken
04/09/2025The Tail Is Not Wagging the Dog
04/08/2025Many of the Tariffs are Here to Stay
04/03/2025Liberation Day was Just Another Day in a New Economic Paradigm
03/29/2025Top Trading Partners for Each US State
03/27/2025The Hard Data is Still Resilient
03/26/2025The Grand Ambitions of a Mar-a-Lago Accord
03/25/2025Consumer Confidence Dips
03/20/2025Policy Uncertainty Adversely Impacting Sentiment
03/13/2025Paradigm Shift in Market Sentiment
03/12/2025Softer Inflation Ahead of Impending Tariff Risk
02/28/2025Tech and Taxes Swept into Trade War
02/27/2025Timeline for Tariffs Fast Approaching
02/24/2025Three Years After Russia's Invasion of Ukraine (Feb 24, 2022)
02/21/2025USD Bonds More Resilient Than Risk Assets
02/20/2025Historic Pace of Trump Executive Orders
02/19/2025Stocks Don't Like Trade War Uncertainty
02/12/2025US Inflation Progress at Risk of Reversal
02/11/2025Trump Exporting US Dollar Strength?
02/01/2025The Trade War Has Begun
01/24/2025Trump Policy is Better for Stocks Than Bonds
1/23/2025Congress Not The White House Drives Tax
1/17/2025Accelerated Day 1 Agenda (Over 100 Executive Orders in First Few Days)
01/15/2025Improved Core Inflation Provides Some Relief for Markets
01/13/2025Largest First Full Week of USD IG Issuance on Record
01/07/20252024 Creating the Backdrop for 2025
12/16/2024Withdrawn or Rejected Cabinet Nominees are Rare Events
12/11/2024Bumpy Inflation Ride Highlights Strength of US Consumer
12/09/2024Notable Milestones for 2024 USD IG Issuance
11/25/2024About 1,300 of 4,000 US Presidential Nominees Require Senate Confirmation
11/21/2024Congress, Not White House, Drives Tax
11/20/2024China is Ready This Time
11/19/2024Trade War 2.0 Will Be Different
11/15/2024''America First'' Inflation & ''Made in China'' Deflation, At Exactly the Same Time
11/14/2024Limited Opportunity to Reshape the Fed
11/13/2024Actual US Inflation Steady, Expectations for Inflation Rising
11/12/2024The Macro Backdrop for Trump 1.0 vs. 2.0
11/11/2024The Trump Trade: Volatility Divergence
11/05/2024Expectations for Election Night
11/04/2024The US Economy (Glass Half Empty or Full)
11/04/2024US Election Update: A “Turnout” Election, if There Ever Was One
11/01/2024Despite Washington, Not Because of Washington

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
Director
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.