Skip to main content

Looking Ahead at What We Can Expect

The MUFG U.S. Macro Strategy team is dedicated to formulating U.S. Fixed Income views, market strategy thought leadership, and actionable trade ideas for our institutional clients. Headed by George Goncalves, an industry veteran with more than 20 years of sell-side and buy-side experience, the team focuses on rates, MBS, credit, the Fed/global central bank policy, U.S. dollar funding dynamics and all things macro-related.

Learn more

For more information, please contact us:

George Goncalves
Head of U.S. Macro Strategy
New York, NY
1-212-405-6687
Connect on LinkedIn
usmacrostrategy@mufgsecurities.com

2022 U.S. Macro Strategy Outlook

Read our forward-looking views on the 2022 market outlook in “The Year ahead: Balancing macro risks and markets.”

Our approach to analysis

Our U.S. macro strategy team’s four-pillar approach uses analytic tools and various databases to pinpoint what will motivate investors to reallocate assets, or to deploy new or different trading strategies. These techniques, along with historical market perspective, give a complete macroeconomic picture for our coverage teams and SMEs, and for our clients. 

Our approach is grounded in economic fundamentals and studying market movements. We leverage big data to do historical time-series analysis of what is potentially priced-in for the economy and markets that we track and compare them to historical patterns among many other things.

George Goncalves, Head of U.S. Macro Strategy

Recent Podcasts


Team Leader Bio


George Goncalves
Head of U.S. Macro Strategy
New York, NY
1-212-405-6687

The head of our U.S. Macro Strategy team – George Goncalves – is an industry veteran with more than 20 years on the sell-side and buy-side. George joined MUFG in April 2021 as head of U.S. Macro Strategy with a mandate to formulate U.S. Fixed Income views, drive market strategy thought leadership, and actionable trade ideas for clients. He focuses on rates, MBS, credit, the Fed/global central bank policy, U.S. dollar funding dynamics and all things macro-related.

George spent nearly a decade at Nomura Securities, first as the chief U.S. Rates Strategist and later as the Head of U.S. Fixed Income Strategy. Over his tenure at Nomura, he oversaw teams of analysts covering U.S. rates, U.S. credit and emerging market rates.

Prior to that, George was the Head of Fixed Income Strategy at Cantor Fitzgerald and a senior research analyst at both Morgan Stanley and Bank of America. He started his career in the Fixed Income markets on the buy side at the formerly known Merrill Lynch Asset Management division in institutional separate accounts, analyzing and co-managing portfolios of Treasuries, repo, short-term credit and MBS as an assistant portfolio management analyst.

Earlier in his career, George was voted one of the top 20 rising stars in Fixed Income by the publication “Institutional Investor” in 2007. And throughout his career he has been an active guest on Bloomberg TV and CNBC as well as quoted many times over in the financial press.

Professionally he has interacted with many debt issuers and has established a wide network of institutional investors from FX reserve managers, Bank Treasurers, real money and macro hedge funds.

George received his joint degree in Finance/Economics and Political Science from Rutgers University’s School of Management.