Worldwide Interest Rates, Debt and Money
Global Rates & Money Flows
Global Rates & Money Flows delivers expert analysis with a fresh, often contrarian perspective on global interest rates and sovereign, corporate, municipal and emerging-market debt. Veteran analyst Murray Gunn also tracks shifts in money flows and currencies—including digital currencies—connecting individual markets to broader economic trends and central bank policy for thoughtful analysis and actionable insights.
You get:
- A new market update every weekday
- An in-depth report every month
- An exclusive video overview each quarter
- Access to an exclusive chart gallery
- and more
Looking for Concierge Institutional Coverage? Go here >>
A Different Perspective on the Markets
That Move the World
Interest rates, debt and money flows affect borrowing costs, financial assets, currencies and economies around the world. That makes understanding their direction critically important.
Using Elliott wave patterns, market history and investor psychology, veteran analyst Murray Gunn connects individual markets to broader economic trends—and identifies what conventional analysis may be missing.
Whether the subject is on every investor’s mind or flying under the radar, Murray helps you understand what is happening, why it matters and what the markets may be signaling next.
Coverage includes: U.S. Treasuries, German Bunds, sovereign debt, corporate and municipal bonds, emerging-market debt, major currencies, digital currencies, central banks, inflation, global liquidity and other important macroeconomic trends. (Specific coverage may vary as market conditions and opportunities change.)
Who is Murray Gunn?
A 30-Year Veteran
Institutional Division Strategist Murray Gunn is a 30+ year veteran of global bond and money markets. He served in key positions at Standard Life, the Abu Dhabi Investment Authority and HSBC. Trained in fundamental analysis, Murray discovered early in his career that market forecasting can benefit greatly from a perspective refined by technical analysis and illuminated by the study of social mood.
Murray’s years in the trenches and unique mix of Elliott wave and socionomic analyses enable him to look at market developments differently from economists, money managers and quants.
In 2020, when the Fed chairman declared that low and negative rates were here to stay “for the foreseeable future,” Murray alerted readers that bond yields were bottoming and that a sustained rise was imminent. You know what happened thereafter.
What Do I Get With A Subscription?
Murray’s goal is to help you stay ahead of market developments—from the next short-term move to the biggest long-term trends. Here’s a breakdown of what you get:
✅ Daily Updates
Monday, Wednesday and Friday: Market Commentary
Three times a week, Murray shares his most important observation of the day.
It may involve the topic dominating the financial headlines—or a significant development that most investors have overlooked. Either way, you’ll get Murray’s independent perspective on what is changing and why it matters.
Tuesday and Thursday: Elliott Wave Updates
Twice a week, Murray updates his near-term Elliott wave outlook for:
- U.S. Treasury bonds
- German Bunds
- EUR/USD
- and more
These concise updates help you follow developing patterns, important price levels and potential changes in direction.
✅ Monthly: The Full Report
Every month, Murray publishes a multi-page report examining the most consequential developments in global rates, debt, currencies and money flows.
Each issue includes updated charts, market forecasts and a broader examination of the trends that could influence investors, businesses and the global economy.
Many subscribers print the report, make notes and refer to it throughout the month.
✅ Quarterly: Exclusive Video Overview
Once every quarter, Murray records an in-depth video exclusively for subscribers.
He steps back from the daily market activity, examines the bigger picture and highlights the developments he believes deserve your attention most.
✅ An Extensive Chart Gallery
Your subscriber portal also includes dozens of regularly updated charts featuring Murray’s observations and analysis.
You can quickly move through the gallery to see his latest outlook across the markets and trends you follow.
✅ Exclusive Premium Resources
Murray frequently draws upon ideas from Robert Prechter’s landmark books, The Socionomic Theory of Finance and Last Chance to Conquer The Crash: You Can Survive & Thrive in a Deflationary Depression.
Value: $79
Value: $99
As a subscriber, you’ll receive access to the complete digital editions through your dedicated portal.
✅ Subscriber Extras
“Subscriber Extras” vary depending on your subscription and update regularly. They can include: premium ebooks, reports, videos and free or discounted trials of our other services that you may find valuable.
✅ Other Free Educational Materials & Resources
Every subscription includes complimentary access to valuable educational resources like those shown below, including the definitive ebook, Elliott Wave Principle: Key to Market Behavior by A.J. Frost and Robert Prechter.
View Some Of Murray’s Notable Market Forecasts
Over the years, Murray has identified many bullish and bearish opportunities for his subscribers — often when the crowd was most convinced of the opposite.
Not all our forecasts work out, but we challenge you to find another service this dedicated to getting it right time after time. Here are some highlights:
2025: U.S. Dollar’s Decline
In the January 2025 issue of Global Rates & Money Flows, Murray Gunn noted that the dollar’s advance from 2023 was approaching two important technical barriers: the upper boundary of its Elliott channel and the 61.8% Fibonacci retracement of the prior decline.
His conclusion was unambiguous:
“We expect a significant decline in the U.S. dollar to be one of the highlights this year.”
That view ran counter to prevailing sentiment. Many investors still regarded the dollar as fundamentally strong and likely to continue rising.
Instead, the U.S. Dollar Index peaked within days of the forecast and turned sharply lower from the very resistance zone identified in advance.
2025: Private Credit— Apollo Asset Management Inc.
In a January 6, 2025 Global Rates & Money Flows Daily Insight, Murray Gunn showed this chart and wrote:
“Private equity and credit markets have boomed since the Great Financial Crisis, greatly aided by the era of free money. Now that era has come to an end… The leading player involved with private credit is Apollo Asset Management, Inc… The share price of Apollo… completed a five-wave advance from 2022 at $189.49.”
His message was larger than one stock: if private credit were going to crack, it could show up here first.
What Happened Next?
2023- Gold’s Rise
In late 2023, several of our analysts and services were identifying a developing trend in gold that many others did not yet see: a major breakout may be underway.
Read this forecast from the December 2023 issue of Global Rates & Money Flows as Murray Gunn told his subscribers:
Gold looks like it might be about to take off…
The gold price has been drifting sideways since 2020, but our Elliott wave analysis shows that could be about to change dramatically.
The chart above shows the price of the gold future using a weekly bar chart. A three-wave movement was traced out from the 2020 peak to the low in 2022. We label that as Intermediate degree wave (4), meaning that an advance in wave (5) is the modus operandi.
The rally from 2022 to the peak in April this year is a clear five-wave movement which we label as Minor wave 1. The three-wave corrective decline into October we label as wave 2…
Wave 3 of (5) up should now be in operation and has the potential to be powerful…”
What Happened Next?
As anyone following markets knows, gold did exactly that – and then some…
From around $2,000 at the time of that forecast, gold surged to a record high above $5,600 — nearly tripling as the larger bull-market structure unfolded.
2021-2023 German Bund Yields — From Historic Lows to a Sharp Reversal
In 2021, eurozone bond yields were still hovering near historic lows following years of negative interest rate policy from the European Central Bank (ECB). The prevailing view among economists and investors was that low yields were the “new normal.”
What Murray said:
September 3, 2021:
“AUF WIEDERSEHEN — Kiss Goodbye to Low Yields.”
What happened Next:
Over the next two years, yields surged to new highs. It was then when Murray spotted a clear topping formation saying:
September 22, 2023:
“This count anticipates a dramatic decline in the Bund yield.”
After peaking in late September 2023, the German 10-year Bund yield reversed sharply, falling from above 2.9% to near 1.9% by year-end — its steepest decline in years. The move confirmed EWI’s forecast of a “dramatic decline” and marked a pivotal shift in the European bond market.
2022: Japan’s 10-Year Yields
In 2022, while much of the financial world assumed the Bank of Japan could keep a lid on long-term interest rates indefinitely, the chart was telling a different story.
Murray Gunn put it plainly in a Daily Update:
Daily Update, July 20, 2022:
“The Japanese central bank has been the odd man out of global central banks this year by refusing to tighten its monetary policy, sticking with its yield curve control whereby it seeks to cap the level of the 10-year Japanese government bond yield. As we have pointed out before, though, the 10-year JGB yield is showing signs that an explosive rise is coming.”
That is exactly what happened.
Japan’s 10-year yield went on to break decisively higher, reaching levels few investors believed possible just months earlier.
View Some Subscriber Testimonials
- “Just dropping a word of appreciation for Mr. Gunn daily comments, as he posts traders’ and investors’ insights combined with the Elliott Wave perspective to market observations. This is very useful as it helps me keep a broader eye on a broad array of indicators and gauges that we otherwise would not observe so closely. Thank you very much Mr. Gunn for your service.”
- “Murray has met, and exceeded my expectations over the last few years. My understanding has improved significantly by following the charts.”
- “Murray Gunn’s pieces are relevant, thought provoking and interesting.”
- “I very much enjoyed Murray’s quarterly video! Great chart on ten year! All in all great!”
- “Murray, I love your videos and your reports. Keep going!”
- “Special thanks to Murray Gunn who has taken the time to clarify some points via email that I didn’t understand over the last few years, much appreciated.”
- “ – You’re awesome. You’re awesome. You’re awesome. You’re awesome. You’re awesome. You’re awesome. You’re awesome. You’re awesome. You’re awesome. You’re awesome. You’re awesome. You’re awesome. You’re awesome. You’re awesome. You’re awesome. You’re awesome.”
Other Frequently Asked Questions
What happens after I subscribe?
You’ll receive immediate access to the Global Rates & Money Flows MyEWI portal, including Murray’s latest analysis, monthly report, quarterly video and chart gallery.
You also get access to your subscription’s exclusive premium resources, “Subscriber Extras,” and free educational materials including: books, reports, videos and free or discounted trials of our other services that you may find valuable.
How is it Delivered?
All publications and resources are delivered online through our MyEWI Subscriber Portal. Just sign-in through your computer, phone or tablet for instant access.
How frequently is the service updated?
New analysis is published every weekday.
Murray provides market commentary every Monday, Wednesday and Friday and near-term Elliott wave updates every Tuesday and Thursday. He also publishes an in-depth report monthly and an exclusive video every quarter.
Is this service only for professional bond investors?
No. The service is valuable for anyone who wants to understand how interest rates, debt, currencies and money flows may affect financial markets and the broader economy.
However, the analysis is detailed and written for serious market observers. Some familiarity with financial markets and Elliott wave analysis can be helpful.
Do I need to understand Elliott waves?
A working knowledge of Elliott wave analysis will help you get the most from Murray’s forecasts and charts.
You do not need to be an expert, however. Your subscription also includes educational resources that can help you strengthen your understanding of the Wave Principle.
Will I receive alerts when new analysis is published?
You’ll be notified when major reports and updates become available. Because Murray publishes frequently, we also recommend visiting your MyEWI portal regularly for his latest analysis.
Can I read the monthly report offline?
Yes. You can download and print the PDF version of the monthly report for offline reading and future reference.
Can Murray provide direct consultations or training?
Fixed-income and currency professionals may arrange direct consultations, video meetings and training with Murray through Elliott Wave International’s Institutional Division.
GET STARTED WITH
GLOBAL RATES & MONEY FLOWS
✅ A new market update every weekday
✅ An in-depth report every month
✅ An exclusive video overview each quarter
✅ Access to an exclusive chart gallery
✅ Exclusive Resources & Subscriber Extras
✅ Instant online access after subscribing
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“My research weaves together behavioral finance, social mood analysis, and Elliott wave structure to reveal hidden dynamics in global rates and cross-border money flows. This integrated approach helps subcribers anticipate turning points in yields and capital movement and capture alpha others miss — giving you the insight to act with greater confidence.”
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Looking for Concierge Institutional Coverage?
Fixed-income and currency professionals can work directly with Murray through one-on-one messaging, video meetings and training.
EWI’s Research is Trusted by Thousands of Independent Investors and Market Professionals at the World’s Largest Institutions
