If QE isn’t money printing, then what is?
From its inception, Quantitative Easing has attracted an outsized amount of attention. Is this because it has a destabilising effect, or is it just…
3
Too fast, too hard and without caution – After throwing everything and the kitchen sink at deflation, Central Banks are trying to compensate with…
The Fed’s traditional role has been as the “lender-of-last-resort”. Since the GFC, it has been moonlighting as the “borrower-of-first-resort”.
5
A retreat of inflation is not sufficient to bring back negative correlation between equities and bonds, if history is any guide.
Despite the appeal of the hypothesis that lower interest rates encourages the private sector to take on debt, the data doesn’t support it. So why are…
Commodity cycles are the main determinant for long-term US Dollar trends, relegating the influence of the Fed to short-term wobbles only
2
Tempting deflation by aggressively tightening policy before we know if inflation is embedded is irresponsible. The cost of deflation is greater than…
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Macro Is Dead