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The longer central bank ‘tapering’ is delayed, the more the risk of a disruptive markets move

The combination of extremely low and relatively stable US government bond yields has confounded many market watchers for quite a while now, also challenging traditional economic analyses.

One should never underestimate the power of central banks intervening in market pricing.

After all, what is more assuring than a central bank with a fully-functioning printing press willing and able to buy assets at non-commercial levels. 

... possibility of collateral damage and unintended consequences.

Mohamed A. El-Erian FT 29 September 2021


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