Chart of the month – UK bank rate at a 326 year low – March 2020
The UK’s Bank Rate is at a 326-year low… … with possibly more easing to follow 1. More than ever, the world is in an era of historically-depressed interest rates. 2. UK Bank Rate has never been lower. − Follo… Become a member to read the rest of this article Username or E-mail Password Remember Me […]
Macro Series – Comment – Lowlife: the dynamics of rock bottom bond yields
After a near 40-year bull market, advanced-economy bond yields remain historically low. Inflation has also fallen to subdued, often uncomfortably depressed, levels. The persistent decline in long-term interest rates reflects mutually reinforcing secular forces. Some of t… Become a member to read the rest of this article
Macro Series – Comment – Overstretched: pushing the boundary of central bank policy
Conventional monetary policy is now all but exhausted in the major economies. Existing unconventional initiatives also appear to be subject to diminishing returns. Leaving the business cycle to its own devices is however not a viable public policy choice. The remaini… Become a member to read the rest of this article