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John Butler Profile
John Butler
Macro Strategist
London
As the investment team leader of the firm’s Global Macro Strategy effort and a member of the Global Bond Team, John leads our global macroeconomic strategy efforts and contributes to the management of global portfolios for the firm’s clients around the world. He focuses on macro forecasting & analysis and monetary policy for the UK and Europe, as well as the global cycle, translating key macro data into investable ideas and themes and working closely with investors around the firm.

Insights By John Butler

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Macro and market Interest rates Monetary policy Content CoE Program Global Program Article
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Can central bank independence survive?

Can central bank independence survive? Macro Strategist John Butler discusses the challenges faced by central banks in an increasingly fraught political environment and how investors should adjust.

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John Butler

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5 min
Article
2025-09-30
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Mid Year Outlook Designs 4_sd_v2
Outlook Economic cycle Geopolitical Inflation Macro Article No Optimizely
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Global Economic Outlook

Our macro strategists continue to expect that the interlinkages between countries, central bank policies, and market pricing will change, creating potentially attractive opportunities for active portfolio management and security selection.

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Multiple authors

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Article
2025-06-30
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podcast
Macro hedge funds Diversification Macro and market Hedge funds Fiscal policy Interest rates Macro Monetary policy WELLSaid Podcast Podcast Brazil Canada Mexico USA APAC Asia Australia China India Japan EMEA Africa Europe France Germany Italy Russia United Kingdom Emerging markets Alternatives Brand
Macro investing in a changing world
Head of liquid alternatives and hedge funds, Mark Sullivan, and investment director of diversifying strategies, Chris Perret, share their views on why the multidimensionality of macro investment approaches may help provide investors a smoother path forward amid an increasingly uncertain macro and geopolitical backdrop.
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Mark Sullivan, CFA, CMT

Christopher Perret, CFA, CAIA

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31:49 min
Podcast
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Macro and market Japan Fixed income Equity Macro Interest rates Article
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Four questions for investors after Japan’s historic hike

With the Bank of Japan having finally moved out of negative rates, Macro Strategist John Butler identifies the four key questions he believes investors should focus on.

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John Butler

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5 min
Article
2025-04-30
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Macro and market Economic cycle Active management Fixed income Multi-asset Macro Video
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How to reposition for a new economic era?

In this short video, Macro Strategist John Butler outlines the key features of the new economic era we are now entering.

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John Butler

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4 min
Video
2025-03-31
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Macro and market Portfolio strategy Fixed income Macro Article
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Back to the future: a new economic era

Macro Strategist John Butler explores why he believes the old macroeconomic model is broken and how best to navigate a new era of investing.

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John Butler

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5 min
Article
2025-01-31
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Macro and market Economic cycle Portfolio strategy Multi-asset Macro Market commentary Thematic exposure Outlook Article
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Trends and transformation distilled: Our 2024 outlook in brief

Our experts explore investment opportunities and risks for the year ahead.

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Multiple authors

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Article
2025-02-28
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Germany Macro and market Fixed income Macro Fiscal policy Article
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Why structural change in Germany may impact investors globally

Macro Strategists John Butler and Eoin O’Callaghan discuss why they believe the structural changes currently underway in Germany will impact investors globally.

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John Butler

Eoin O'Callaghan

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Article
2025-01-31
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Mid Year Outlook Designs
Outlook Macro and market Interest rates Germany Macro Economic cycle Fixed income program Article
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2024: A year of intensifying macro regime change?

John Butler and Eoin O’Callaghan explore why 2024 could be a year of intensifying macro regime change and what it means for investors.

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John Butler

Eoin O'Callaghan

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Article
2024-11-30
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Mid Year Outlook Designs
Macro and market Interest rates Artificial intelligence (AI) Macro hedge funds EM debt Government bonds Credit High yield Investment grade Fixed income Alternatives Macro Alternatives investing Article
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Macro implications of the AI revolution: is the market right?

Macro Strategist John Butler sets out an initial framework to help answer key questions about the potential macro impact of artificial intelligence.

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John Butler

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Article
2024-11-30
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Economic cycle Volatility Tactical allocation Asset allocation iStrat Macro Article
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Deglobalisation and divergence: opportunity or threat?

John Butler and Supriya Menon discuss the drivers underpinning growing macroeconomic divergence and deglobalisation and what it may mean for asset allocators. 

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John Butler

Supriya Menon

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Article
2024-10-31
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Mid Year Outlook Designs
Outlook Macro and market Active management Economic cycle Monetary policy Portfolio strategy Client objective Americas APAC EMEA Article
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When the US sneezes, does the world still catch a cold?

Macro Strategist John Butler discusses the growing potential for cyclical and monetary policy divergence, despite markets pricing for the contrary, and assesses what it means for investors.

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John Butler

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Article
2024-05-31
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Volatility Inflation Alternatives Quick Take Macro and market Monetary policy Economic cycle Bank liquidity
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Macro risks to watch in this rapidly oscillating global cycle

Macro Strategist John Butler explores the two key questions he believes macro investors should focus on in the current volatile environment.

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John Butler

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Quick Take
2024-03-31
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Macro and market Economic cycle Portfolio construction Alternatives Fixed income Monetary policy Inflation Risk management Alternatives investing Article
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What does the new macro regime mean for investors?

In this Q&A with two senior market practitioners we explore what the new macro regime means for investors and what to expect next.

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John Butler

Mark Sullivan, CFA, CMT

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Article
2024-03-31
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Monetary policy Interest rates Japan Fixed income Economic cycle Inflation Volatility Quick Take Alternatives
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Why global investors should watch the Bank of Japan

Macro Strategist John Butler explores why global investors should watch the Bank of Japan and what is likely to happen next.

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John Butler

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Quick Take
2024-01-31
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Inflation Geopolitical Volatility Alternatives investing Economic cycle Climate Alternatives Hedge funds Video
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Perspectives on today’s alternative investment environment

Take a quick tour of the alternative investment environment with investors from across our macro research and hedge fund teams, as they explore the geopolitical landscape, macro volatility, and key trends like climate-change adaptation and digital tokenization.

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Multiple authors

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Video
2023-11-30
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2023 Global Economic Outlook
Europe Inflation Economic cycle Outlook No Optimizely Monetary policy Interest rates Fiscal policy Multi-asset Article
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Why Europe could surprise in 2023 

Eoin O’Callaghan and John Butler discuss the contrasting prospects of the Euro Area and the UK and why 2023 could bring positive surprises in the region.

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Eoin O'Callaghan

John Butler

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Article
2023-12-31
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Inflation Volatility Economic cycle Alternatives investing Outlook No Optimizely Multi-asset Fixed income Equity Alternatives Video
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A new economic era: Why inflation, volatility, and cycles are back

Macro Strategist John Butler argues that a seismic global shift is underway that will disrupt the macro dynamics of the past two decades, challenging long-held investment assumptions.

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John Butler

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Video
2023-12-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
bank of England
Volatility Inflation United Kingdom Defined contribution (DC) Distribution Public pension (DB) Private pension (DB) Article
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After the UK sell-off: what’s next for global markets and investors?

Co-Head of Investment Strategy Natasha Brook-Walters and Head of Macro Strategy John Butler discuss the implications of the recent sell-off in UK markets for global markets and investors.

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Natasha Brook-Walters

John Butler

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Article
2022-12-30
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podcast
Global Industry Research Inflation Geopolitical Large cap Mid-cap Equity Energy Utilities Europe WELLSaid Podcast Brand Podcast
Eyes on Ukraine: Europe's energy crisis
The war continues to exacerbate the twin crises of energy availability and affordability. We explore how the situation may take shape from here.
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By

Tim Casaletto

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25:30 min
Podcast
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Volatility Fiscal policy Monetary policy Currency Interest rates Economic cycle United Kingdom Article
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UK in the eye of the storm: which countries might be next?
Macro Strategist John Butler provides his latest take on what's happening in the UK and its broader global implications.
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John Butler

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Article
2022-12-31
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a shiftting macro landscape qe china and europe
China Monetary policy Geopolitical Alternatives investing Volatility Economic cycle Americas APAC EMEA Article
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A shifting macro landscape: QE, China, and Europe
We explore the changing macro environment, highlighting the investment implications of the end of quantitative easing programs, the state of the Chinese cycle, and an evolving outlook on Europe.
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By

John Butler

Mark Sullivan, CFA, CMT

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Article
2023-08-31
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Outlook Inflation Volatility Economic cycle Alternatives Equity Multi-asset Article
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Mid-2022 Global Economic Outlook
We believe heightened geopolitical uncertainty, and the new macro environment of deglobalization, higher inflation, greater global cyclicality and volatility will disrupt and drive markets.
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Multiple authors

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Article
2023-07-31
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Geopolitical Russia Europe Fiscal policy Monetary policy Energy Article
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How will Russia’s invasion of Ukraine transform the euro area? Four potential paths
As the tragedy in Ukraine unfolds, Macro Strategist John Butler assesses possible implications of the conflict for Europe and the euro area. He outlines four potential paths.
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John Butler

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Article
2023-03-31
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Europe Inflation
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Euro area: Challenging long-held assumptions
We believe 2022 will be the year when macroeconomic and political developments challenge two deep-rooted misperceptions about the euro area:
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By

John Butler

Eoin O'Callaghan

event
2022-04-30
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