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ECB Preview: Watch For A Dovish Tilt And Euro Jawboning

ECB Preview: Watch For A Dovish Tilt And Euro Jawboning

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ECB Preview: Watch For A Dovish Tilt And Euro Jawboning Tyler Durden Thu, 09/10/2020 - 07:15

The European Central Bank is expected to keep policy unchanged when its latest decision is announced at 7:45 a.m, however analysts will be on the lookout for for any hints about more asset purchases before the end of the year.  Focus for the release and on Lagarde's press conference 45 minutes later will be on the Bank’s assessment of the region’s economic outlook and recent appreciation of the EUR. While official forecasts will confirm that the region's economy avoided the worst downside risks from the pandemic, the ECB faces the twin challenges of inflation which has turned negative for the first time in two years and a rapidly appreciating currency. Investors will also be on the watch for any hints about more asset purchases before the end of the year.

According to sellside consensus, the overarching intention of the ECB on Thursday will be to not appear hawkish by default vs the Fed. As a result, expectations are for the ECB to

  • indicate the need for persistent monetary accommodation,
  • to highlight its ability to add accommodation if needed,
  • to stress the relevance of the euro for monetary policy and
  • a broad-based review.

Mentions of EUR will be closely watched. Lagarde is expected to mirror Lane’s comments last week about the exchange rate, and there is an outside chance that the ECB may in fact include an objective statement about EUR appreciation in its introductory statement as the ECB is much more concerned about the potential for further euro appreciation rather than about the present level.

Somewhat paradoxically, an upgrade of GDP forecasts are expected, as Bloomberg sources suggested on Wednesday when it sparked a EUR rally.

Looking at asset purchases, ING analysts say that given objections to using the total PEPP envelope by some in the July account, there will be little appetite to provide much guidance on a further expansion this week; They also believe that Lagarde unlikely to be too heavy-handed on EUR.

According to a Citi FX trader, "The main focus is on growth forecasts and expected jawboning of the currency. Positioning remains long especially in the RM and CTA space and while we expect the ECB to stress the downside risks associated with an increase in Covid cases we don't expect large movements in spot today. Note we have seen RM start to buy once again (first significant buying since the start of the month), pushing us away from support at 1.1750 and 1.1680. A break of 1.1680 is where the pain starts for RM and the picture will start to look very ugly very quickly is we get through and hold below this area.”

Below is a recap of the key analyst view courtesy of NewsSquawk:

OVERVIEW: Policymakers are once again expected to stand pat on rates with the balance sheet remaining the tool of choice for the Governing Council. Expectations are for an eventual expansion of the current Pandemic Emergency Purchase Programme (PEPP) remit of EUR 1.35trl and extension of its duration, however, consensus suggests that December is viewed as a more opportune time for this action. As such, focus for the announcement will likely centre on the Bank’s assessment of the region’s economic outlook and recent appreciation of the EUR.

PRIOR MEETING: At the July meeting, policymakers opted to stand pat on rates, whilst leaving bond buying operations unchanged, as was expected. Furthermore, the central bank maintained forward guidance and reiterated its willingness to adjust policy as needed to ensure that its objectives are met. President Lagarde’s introductory statement noted that incoming data signalled a resumption of activity (but still way below pre-COVID levels) with indicators suggesting a bottoming in April, and an improvement in May/June. Lagarde was quick to note that unless there are any upside surprises in the economy, the ECB will use the full envelope of its PEPP, in a flexible and targeted manner. Lagarde also pushed back on questions surrounding a potential adjustment to the bank’s tiering multiplier, noting that the matter was not discussed by the Governing Council, nor were any other adjustments to current policy settings.

RECENT DATA: The upcoming meeting takes place against the backdrop of headline CPI running at -0.2% on a Y/Y basis (negative for the first time since 2016) with the core (ex-food and energy) metric falling to 0.6% from 1.3% as one-off factors from Italy and France in July were unwound. On the growth front, Q2 GDP revealed a 12.1% contraction in the Eurozone economy; the largest on record. The declines in growth were relatively similar across Germany, France and Italy with a deeper contraction of 18.5% seen in Spain. PMI readings in the region showed some signs of pulling back, albeit remaining in expansionary territory with the Eurozone Composite print falling to 51.9 from the 54.9 seen in July. Unemployment continues to see mild upticks with the rate in July rising to 7.9% from 7.7%, albeit the headline remains supressed by job retention schemes.

RECENT COMMUNICATIONS: Arguably the most important commentary as of late has come from Chief Economist Lane, who, on the day that EUR/USD breached 1.20 to the upside for the first time since 2016, remarked “that there has been a repricing of the EUR in recent weeks, adding that the ECB does not target the FX rate but the EUR/USD rate does matter”. On the economy itself, Lane recently noted that the Q3 rebound is expected to be strong, albeit the ECB stands ready to provide more stimulus if required. Other policymakers including Germany’s Schnabel and Slovakia’s Kazimir have noted that the Eurozone economy is performing in-line with the Bank’s base case scenario, with the former concluding that the current PEPP size is appropriate and now is not the time to adjust the tiering multiplier. Her German colleague Weidmann has continued to bang the drum for the hawks on the Governing Council by stating that “EU extraordinary fiscal and monetary support must be temporary and it needs to be scaled back after COVID”.

RATES: From a rates perspective, consensus looks for the Bank to stand pat on the deposit, main refi and marginal lending rates of -0.5%, 0.0% and 0.25% respectively. At the March meeting, officials resisted market expectations that had priced in a 100% chance of a 10bps reduction to the deposit rate and since that meeting, rhetoric from the Bank has done nothing to indicate that a further adjustment lower could be on the cards. As a guide, markets currently have around 3bps of further loosening priced in by year-end and around 9bps by the end of 2021.

BALANCE SHEET: With the balance sheet seen as a preferred easing tool for the Governing Council, focus remains on any adjustments to its PEPP which currently has an envelope of EUR 1.35trl and is set to run at least until the end of June 2021. Despite some mild objections as revealed by the account of the July meeting, the ECB’s current assumption remains that the PEPP envelope will be used in full. Given the precarious nature of the Eurozone’s economic outlook, economist broadly anticipate a further expansion of the envelope at some stage, however, views are mixed on when this will take place and how large any increase will be. Consensus, according to a Bloomberg News poll, is for a EUR 350bln expansion by December with an extension of the programme until the end of 2021. In terms of house views, UBS are one of those who are looking at a potential expansion and extension of PEPP in December, whilst also raising the possibility of an eventual inclusion of other asset classes (e.g. junk bonds) if needed to calm market tensions. SocGen look for a EUR 500bln PEPP expansion at some stage and extension until the end of 2021, whilst touting the possibility of a phasing out of PEPP as of mid-2021. Nordea suggest “If the ECB wants to send a dovish signal, it could commit to buying bonds at a pace similar to that seen during the early stages of the PEPP or it could even set a floor under the pace of purchases”. Perhaps the most dovish call comes from Pantheon Macro who forecast an increase in the PEPP envelope this week, citing the likely dip in the accompanying inflation projections.

EUR: One of the key talking points heading into the meeting has been the recent appreciation of the EUR after EUR/USD briefly breached 1.20 to the upside on September 1st; as a reference point, EUR/USD traded on a 1.14 handle heading into the previous meeting on July 16th. The appreciation in EUR prompted speculation over the possibility of verbal intervention from the Governing Council with a research piece by Goldman Sachs noting that “an exogenous 10% tradeweighted EUR appreciation typically  educes real GDP and CPI each by around 1% after two years”, adding that “this rule of thumb implies that the appreciation so far might lower growth and inflation by about 1⁄4 pp in each of the next two years”. Following the breach of 1.20 to the upside in EUR/USD, Chief Economist Lane remarked that “there has been a repricing of the EUR in recent weeks, adding that the ECB does not target the FX rate but the EUR/USD rate does matter”; a comment which prompted downside in EUR with EUR/USD having not risen above 1.20 since. In terms of what’s expected for the press conference this week, President Lagarde is likely to tow a similar line with UBS expecting her to “to respond as she has done previously, saying the ECB does not target the exchange rate, but that the Euro nevertheless has an important impact on inflation and growth, and hence does play a role in the ECB’s policy considerations”. At current levels, the Swiss bank does not expect aggressive verbal intervention against the EUR.

ECONOMIC PROJECTIONS: Also, of interest for market participants will be the accompanying staff economic projections, which could offer an insight into the Bank’s assessment of the economic recovery and whether further stimulus will be required to  offset the hit from COVID-19. UBS suggests that 2020 growth is likely to see a modest upgrade to -8% (prev. -8.7%) with 2021 and 2022 to be held at 5.2% and 5.3% respectively. On the inflation front, forecasters will need to balance higher oil price assumptions and German VAT reduction against the firmer EUR, which UBS believes will overall leave the headline 2020 HICP forecast at 0.3%, 2021 raised to 0.8% (prev. 0.7%) and 2022 upgraded to 1.0% (prev. 0.9%).

TIERING: An adjustment to the current multiplier of six for its two-tiered deposit system remains a potential option for the ECB. However, given the recent pushback from Schnabel and lack of discussion in the July account, a change on this front is seen as unlikely this week.

For those who like prefer sheets, here is all you need courtesy of Arkera's Viraj Patel:

Finally, courtesy of Bloomberg's Vassilis Karamanis, here is a complete walkthrough on how to trade the Euro:

  • Euro price action since late July highlights market focus on support around $1.1750, and the currency’s moves Thursday could show that the level is now a definite line in the sand.
  • Downside risks for the euro stem from the possibility that European Central Bank President Christine Lagarde could attempt to talk it down, building on recent comments by Chief Economist Philip Lane that essentially marked a cycle high just above $1.20.
  • The currency may also be weighed down by potential signs of increased monetary stimulus, either through an interest-rate cut or an acceleration of the institution’s emergency bond purchases. Should these risks materialize and the currency manage to stay close to $1.1750, then the market has a clear level to focus onward.
  • Investors won’t be caught totally off guard by any of these risks, if options are any guide. After the market was caught short-gamma on strikes below $1.1850, and with demand for euro puts picking up lately and implied volatility rallying, front-end risk reversals mirrored the most euro-bearish sentiment in nearly two months earlier Thursday.
  • As the shared currency trades around 1.5% below its Sept. 1 peak of $1.2011, short-term positioning suggests upside risks may be actually prevailing currently in the euro-dollar pair

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Canada’s productivity crisis linked to government overspending

Dubious government investments are stunting our standard of living While government policies can benefit societies and economies, they often produce the…

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October 19, 2023

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Dubious government investments are stunting our standard of living

While government policies can benefit societies and economies, they often produce the opposite results.

Recent concerns highlight Canada’s worrying trend of dismal productivity growth and growth prospects, with several international bodies predicting minimal growth in Canadians’ real (adjusted for inflation) personal income over the next 30 years (an entire generation).

To address this productivity slump, governmental strategies have varied.

One strategy has emphasized workers’ skills, with authorities advocating for youth to pursue marketable technical trades rather than conventional university degrees.

Another strategy has been to foster a more extensive, intensive, and robust innovation ‘ecosystem’ coupled with venture capital and institutional investor funding. Addressing permitting obstacles and other regulatory impediments are another approach.

Yet, despite the potential of these strategies, the persistent actions of both federal and provincial governments challenge productivity growth. Notably, these governments often allocate extensive taxpayer funds towards projects with minimal returns on investment.

Over the years, provincial utilities like BC Hydro, Manitoba Hydro, and Nalcor (an umbrella company for Newfoundland and Labrador Hydro) have seen significant overruns. The financial commitment to these projects, such as the Site C dam, Keeyask, Bipole III, and Muskrat Falls, far surpassed initial projections.

A staggering $43.2 billion was spent, compared to initial expectations of $23.9 billion, to produce just a couple of gigawatts of ‘cheap’ power – just enough for a million households. For perspective, the same funds could have been channelled into nuclear energy, producing more power and less environmental harm.

In addition to these massive provincial governmental blunders, the federal government lavished $35 billion in tax relief subsidies for just three electric vehicle (EV) battery plants. According to the federal Parliamentary Budget Officer, two of these plants ‘might’ be paid off in ‘as soon as’ 20 years.

Topping it off is Ottawa’s purchase and expansion of the Trans Mountain Pipeline, where government-induced regulatory obstacles continue to explode costs. Ottawa has now spent a staggering $30.9 billion to expand the pipeline, almost six times the original estimate of $5.3 billion. It will be impossible to recoup anything near what is being spent. For more than eighty percent of its route, the new, parallel Trans Mountain line follows the existing line: an additional enormous expense accrued from massive mismanagement.

A common thread weaving through these projects is the government’s willingness to finance ventures that initially seemed economically questionable. State-owned enterprises often prioritize political motives over profitability – a theme evident in the electric vehicle and Trans Mountain decisions. Perhaps the renowned work “How Big Things Get Done” would be more aptly named “How Big Things Get Botched” in Canada.

Ultimately, a nation’s economic vitality hinges on the collective performance of its businesses and people. Investments in underperforming projects yield minimal returns. The consequence of such political spending is reduced productivity and diminished wealth per individual.

Unfortunately, our kids will bear the brunt of these decisions, likely facing a compromised standard of living.

By Ian Madsen

Ian Madsen is the Senior Policy Analyst at the Frontier Centre for Public Policy.

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The Evolution of Amenities in the Office and Industrial Markets

With the increasing push to return to the office, employers and developers, together, are tasked with sweetening the deal for current and future employees…

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October 19, 2023

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With the increasing push to return to the office, employers and developers, together, are tasked with sweetening the deal for current and future employees in the office and industrial markets. Makeshift home offices and kitchen counters became the new office during the pandemic, and working from home came with its own set of perks, such as no commute and more flexibility of time. Promises of increased collaboration with the return to in-person work aren’t enough of an incentive. Now, workers across industries expect more when physically in the office.

At NAIOP’s CRE.Converge conference this week, experts explored the range of amenities that developers can consider for emerging building plans or incorporate into already-existing office and industrial spaces. Dawn Riegel, principal, Ware Malcomb, moderated the panel featuring Michael Longo, senior vice president, CBRE; Stacey Mosley, director of research, Brandywine Realty Trust; and Jinger Tapia, vice president, design, Ware Malcomb. 

“We have a labor and employment problem, not a work-from-home problem,” Longo said, citing the ongoing actors’ strike in Hollywood and the U.S.’s ongoing low employment rates. Until the issues of labor and employment are better addressed, Longo said, we should expect to see challenges in the return-to-office movement, but this does not mean developers can’t try to make it as enticing as possible. 

The relationship between attraction and retention, coupled with adopting a holistic view of amenities, was a common theme of the conversation. Developers should consider how well placed and well-positioned their buildings are in a given area, whether in a city or a suburb, and have a good understanding of a company’s culture to know what its employees’ needs are. Data has been collected on workers’ preferred amenities – natural lighting, green spaces, access to parking – but sometimes that data isn’t one-size-fits-all, Riegel said.

We’re in the early days of a massive transition of ownership and assets, Longo believes, noting that capital is tough to access and developers have to be careful about positioning. Financial solvency is key. Building spaces need to be able to take on a new life if a new tenant were to arrive. 

The aesthetics of office styles have rapidly changed over the past three years, Longo said. Office aesthetics have shifted from dropped ceilings and cubicle workspaces to open-concept spaces focused on collaboration. Developers and employers are still figuring out the latest iteration now that workers are returning to the office post-pandemic. 

The low-hanging fruit, as Mosley says, is paying attention to trends in food and furniture. Food delivery service became normalized during the pandemic, and employees want a similar luxury in the office. Mosley offered up some suggestions: coffee carts that swap out employees’ at-home drip coffee for a premium espresso or vending machines with fresh foods like salads. An office space’s furniture should speak to how employees interact with each other and how they work, collaboratively or solo. 

Later, Mosley mentioned enhancing the audiovisual experience for in-person employees to connect with others remotely and on conference calls, and Tapia noted the design transition from giant conference rooms to specially designated “Zoom rooms.” 

The panelists went on to discuss exterior amenities and how cities look at this issue. Mosley noted that exterior improvements can often become amenities for not only those coming into the office but for those in the surrounding community as well. It’s important to leverage the immediate area around your building, whether that be local restaurants or dry cleaners. 

Both Mosley and Tapia stressed the importance of integrating green spaces, such as parks, walking paths, patios and balconies, and sports courts. 

In the past, “amenities were a landscape island in the middle of a parking lot with a concrete bench that the smokers could go to,” Tapia joked. But now, workers of all kinds want connectivity between indoor and outdoor spaces. 

“For the industrial user, it’s about stepping away from the work and providing that connection to nature and a respite from what’s going on in the facility… from a noise standpoint,” Tapia said. As these outdoor amenities are added, requirements from the respective cities must also be taken into account. Tapia said she is taking cues from Mexico’s contained industrial parks to naturally build sustainable initiatives into the design process. This also reflects attention to the evolution of environmental, social and governance (ESG) issues and the need – and demand – for more green spaces.

From the investment perspective, Longo, who specializes in properties across the West Coast, says his current strategy is to assess the land use first and then consider the design and cost because of all the changing attitudes from cities toward new developments and the current declining value of buildings. 

Mosley, whose work is primarily based in Philadelphia, says the growing population in cities has contributed to the success of office and industrial outdoor spaces. She said these spaces should combine both the social and environmental factors. “Let the communities take ownership to catalyze the creativity of the space,” Mosley said, highlighting live concerts, sporting events, and even weddings that have found a venue in these spaces.  

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This post is brought to you by JLL, the social media and conference blog sponsor of NAIOP’s CRE.Converge 2023. Learn more about JLL at www.us.jll.com or www.jll.ca.

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Uniting for Progress – the Fifth Annual SYNGAP1 Conference hosted by SynGAP Research Fund (SRF) will take place November 30th in Orlando, Florida. #SyngapConf

Orlando, FL – 19 October 2023 – The Syngap Research Fund (SRF) will host Uniting for Progress — its fifth annual conference on SYNGAP1 research…

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Orlando, FL – 19 October 2023 – The Syngap Research Fund (SRF) will host Uniting for Progress — its fifth annual conference on SYNGAP1 research and clinical care on Thursday, November 30 at the Embassy Suites in Orlando, Florida.  Clinicians, researchers, industry professionals and SYNGAP1 families are invited to register at SyngapResearchFund.org.

Credit: SRF

Orlando, FL – 19 October 2023 – The Syngap Research Fund (SRF) will host Uniting for Progress — its fifth annual conference on SYNGAP1 research and clinical care on Thursday, November 30 at the Embassy Suites in Orlando, Florida.  Clinicians, researchers, industry professionals and SYNGAP1 families are invited to register at SyngapResearchFund.org.

“Uniting for Progress will showcase how SRF and the SYNGAP1 community are ready to partner with industry to deliver therapies for patients with this horrible disease.  It is an important opportunity for us to collaboratively improve the lives of people with SYNGAP1” said Mike Graglia, Managing Director of SRF. 

“The SRF annual scientific conference is an excellent opportunity to learn about the latest advances in SYNGAP1 research and to collaborate with other researchers on new projects. I am excited to be a part of this event and to help make a difference in the lives of people with SYNGAP1 Related Disorder,” said Dr. Kim Wiltrout, MD, of Boston Children’s Hospital.

The agenda will feature six sections:

  • New Findings about SYNGAP1
  • Drug Repurposing for SYNGAP1
  • Understanding SYNGAP1 at a Molecular Level – VUS & Missense Variants
  • Updates on Public Preclinical Pipelines
  • Clinical Trial Readiness – Natural History
  • Clinical Trial Readiness – Quantitative Measures

The scientific conference on Thursday will be followed by a family meeting on Friday, December 1, 2023 at the same location. Families are encouraged to attend both days.

“The conference is a pivotal annual event for the SYNGAP1 community. It is an invaluable opportunity to learn about the latest SYNGAP1 research, network with professionals who understand our children, bond with other families, and advocate for our loved ones. Coming together once a year fuels my passion and energy to be part of the SRF team building community and seeking precision therapies for our children,” said Suzanne Jones, parent of a child with SYNGAP1 & SRF Board Chair

We are grateful to our sponsors Stoke Therapeutics, Acadia Pharmaceuticals, Simons Searchlight, Tevard Biosciences, ciitizen/Invitae, Longboard Pharmaceuticals, and Rarebase for their support of this event.  

“Every year this event continues to grow – more families, more researchers, more clinicians – and we couldn’t do it without our sponsors,” said Peter Halliburton, Director of Development for SRF.

Agenda with topics and speakers

  • New Findings
    • New insights in the DEEs, including SYNGAP1 by Prof. Scheffer, AO, MBBS, PhD, University of Melbourne
    • Gene delivery by milk exosomes restores SYNGAP1 expression in mouse brains by Prof. Zempleni, PhD, University of Nebraska
    • SYNGAP1 beyond the Synapse by Dr. Willsey, PhD, University of California, San Francisco
       
  • Drug Repurposing
    • Moderation by Dr. Xin Tang, PhD, of Boston Children’s Hospital
    • Drug Repurposing Screen in Drosophila by Dr. Chow, PhD, University of Utah
    • Drug Repurposing Screen in Patient Models by Dr. Moxham, PhD, Rarebase, PBC
    • Lessons Learned from Phenylbutyrate Repurposing by Dr. Grinspan, MD, MS, Weill Cornell Medicine
       
  • Understanding SYNGAP1 at a Molecular Level
    • SynGAP missense: potential druggability and how might we get there by Dr. Courtney, PhD, Turku Bioscience Centre, Finland
    • Modeling the structural effects of SYNGAP1 missense mutations using molecular dynamics simulations by Dr. Postila, PhD, Turku Bioscience Centre, Finland
    • Integrated approaches to resolving SYNGAP1 missense variants of uncertain significance by Dr. Carville, PhD, Northwestern University
    • iPSC models of SYNGAP1 dysfunction by Dr. Coba, PhD, University of Southern California
    • Non-synaptic function of the ASD Associated Gene SYNGAP1 in Cortical Neurogenesis by Dr. Birtele, PhD, University of Southern California
       
  • Preclinical Pipeline
    • Why SYNGAP1 is an attractive target for Industry by Dr. Mingorance, PhD, Dracaena Consulting
    • TANGO Platform by Dr. Aznarez, PhD, Stoke Therapeutics
    • Praxis ASO Platform by Praxis Precisions Medicine
    • Suppressor tRNAs for the treatment of DEEs by Daniel Fisher, MBA, Tevard Biosciences
       
  • Clinical Trial Readiness – Natural History
    • Moderation by Dr. Helbig, MD, Children’s Hospital of Philadelphia 
    • A prospective natural history study in SYNGAP1 – first insights from ENDD by Dr. Jillian McKee, MD, Children’s Hospital of Philadelphia
    • Understanding the natural history of SYNGAP1 through data integration by Julie Xian, Children’s Hospital of Philadelphia
    • Outlining the clinical landscape of SYNGAP1 through a computational phenotype approach using 5586 phenotypic annotations in 197 individuals by Dr. Kessler, MD, Children’s Hospital of Philadelphia
    • SYNGAP1 Genotype and Phenotype Analysis by Dr. Kim Wiltrout, MD, Boston Children’s Hospital 
    • Meaningful Clinical Outcomes and Development of a Disease Concept Model by Katharine Cunnane, Weill Cornell Medicine
       
  • Clinical Trial Readiness – Quantitative Measures
    • Using EEG to understand “how the brain works” in SYNGAP1 by Dr. Levin, MD, Boston Children’s Hospital
    • Deep Learning EEG Biomarkers in SYNGAP1 Rodent Models and Patients by Dr. Gonzalez-Sulser, PhD, University of Edinburgh
    • Validating the ORCA for SYNGAP1 & other DEEs by Dr. Zigler, PhD, Duke University
    • Recent Neurobehavioral Findings in SYNGAP1 by Dr. Frazier, PhD, John Carroll University

About SYNGAP1-related intellectual disability (SRID)

SYNGAP1-related intellectual disability (ICD-10 F78.A1) is a rare genetic disorder caused by variants on the SYNGAP1 gene that reduce SynGAP protein levels. SRF has identified almost over 1,300 patients to date, the number grows weekly.  This protein acts as a regulator in the synapses (where neurons communicate with each other). When SynGAP protein levels are too low, we see an increase in excitability in the synapses making it difficult for neurons to communicate effectively. This leads to many neurological issues seen in SynGAP patients.

Symptoms of SYNGAP1 include: intellectual disability; epilepsy; hypotonia (low muscle tone); gross and fine motor skill delays; autism spectrum disorder; gastro-intestinal disorders; sleep and behavior disorders and visual abnormalities. 

About the SynGAP Research Fund (SRF)

The mission of the SynGAP Research Fund (SRF) is to improve the quality of life for SYNGAP1 patients through the research and development of treatments, therapies and support systems. 

SRF was founded in the US in 2018 as a 501(c)(3) US public charity, and families created sister organizations for SRF in the UK in 2020, in Europe (Netherlands) in 2022, and in Latin America (Colombia) in 2023. 

Completely parent-led, SRF is the largest non-government funder of SynGAP research having committed over $4 million in grants to date. The founders cover all operational costs, ensuring donations fund science. SRF’s grant program awards one or two-year grants to investigators, physician residents, and clinicians who are interested in studying SYNGAP1. SRF grants are intended to help researchers explore novel ideas and answer open questions related to the clinical aspects of and therapies for SRID. 

SRF is a member of the COMBINEDbrain, Global Genes Foundation Alliance, the Everylife Foundation Community Congress, Personalized Medicine Coalition, Rare Epilepsy Network, and the Epilepsy Leadership Council.

For more on SRF, visit: SyngapResearchFund.org or follow @cureSYNGAP1 on X, LinkedIn, YouTube, Instagram, Facebook or TikTok.

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