01
RATES
The market is pricing a different future.
We compare policy expectations with what bond markets are actually signalling — and identify where the two diverge.
INDEPENDENT MACRO RESEARCH
Understand what moves markets.
Financial markets are complicated, with a lot of noise. We simplify the information and give you what actually deserves your attention.
↓ Explore the research SYSTEMATIC RESEARCH Explore the strategy ↗
GLOBAL MACRO / DELAYED MARKET VIEW
JAN
MAR
MAY
JUL
SEP
NOV
HIGH
MID
LOW
Gold SpotXAU/USD——
AppleAAPL——
TeslaTSLA——
Brent Spot / US DollarXBR/USD——
BitcoinBTC/USD——
USD/JPYUSD/JPY——
MicrosoftMSFT——
NVIDIANVDA——
01 / WHY HADAL
Markets produce
noise.
We look for the
signal.
Financial markets are complicated. Information is everywhere — but clarity is scarce.
Hadal simplifies global macroeconomic developments, policy shifts, liquidity conditions and market behaviour into the information that actually matters.
02 / THE MONTHLY BRIEFING
AUGUST 2026
The rate path is still the story.
A concise view of rates, inflation, liquidity and the forces shaping global markets.
Request this month's briefing ↗
02
LIQUIDITY
Follow the money before the headlines.
Liquidity conditions often change before the broader narrative does. We track the plumbing behind the market.
03
ALLOCATION
What does the backdrop actually mean?
Macro research becomes useful when it changes the questions you ask about risk, capital and opportunity.
Equities
↑
Bonds
→
Cash
↑
Commodities
→
03 / RESEARCH LENSES
Three lenses.
One informed view.
Every briefing is structured around the forces that tend to matter most across market cycles.
01
01 — RATES
Rates & Policy
Central banks, inflation, real yields and the policy expectations embedded in markets.
02
02 — LIQUIDITY
Liquidity & Credit
Funding conditions, credit, money supply and the flows behind risk appetite.
03
03 — ALLOCATION
RISK
Allocation Context
What the macro environment means for the decisions investors actually face.
03A / THE HADAL LENS
Click the lens. See the connection.
Markets rarely move for one reason. Explore how Hadal frames the information before it becomes a headline.
SELECT A LENS
INTERACTIVE
MACRO
MARKETS
DECISION
HADAL VIEW
Reduce the noise to the variables that matter.
04 / THE PROCESS
Research without the noise.
01
Observe
We monitor the major developments across economies, policy and markets.
02
Connect
Individual data points are connected to the broader macro environment.
03
Distil
The information is reduced to the developments that genuinely matter.
04
Discuss
The result becomes a starting point for a more informed conversation.
05 / RECENT THINKING
The questions we're watching.
06 / START A CONVERSATION
Better information.
Less noise.
Receive the weekly market briefing: the important moves across commodities, currencies, crypto and global markets, without the noise.