Further Downside To The USD From Fed QE
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GERMANY: The constitutional conundrums of ECB bond buying
● The governing council of the European Central Bank (ECB) will convene digitally on 30 April. ● While speculation continues about an expansion of its PEPP bond-buying scheme, yet another German constitutional court ruling on Eurozone crisis fighting is expected for 5 May. … Become a member to read the rest of this article
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