Searching for explanation where it really matters
My ex-colleage and good friend Ken Leech often recounted that “the story of interest rates is the story of inflation”. Put differently, where inflation goes determines where interest rates go. Today, inflation is considered a mystery. Despite the trillions of dollars poured into the US, European and Japanese economies over the past ten years, inflation is …
Continue reading "Cracking the Genetic Code of Inflation – the future is “metallic gray”"
Markets always have many things to worry about – some known knowns, some unknown knowns, even some known unknowns. However it’s always the unknown unknowns that really kill.Right now in the known unknowns camp, we might put inflation (is it finally going to bark?) and monetary policy (will global easing turn to global tightening?).Both are …
Continue reading "Markets have an uneasy feeling about uneasing."
This review of the transition from LIBOR markets, initiated by the FCA statement in July 2017, was written in September 2017, whilst in a previous life. It remains relevant, albeit out of date. The full document was long and intended to provide a glossary of the issues clients would face as we progressed towards the …
Continue reading "The end of LIBOR – Rumors of my death have not been exaggerated (RODNE)"
Inflated Opinions 