monetary policy

One of the interrelationships often utilised by investors in more credit heavy portfolios is that interest rates will provide a level of protection against ‘risk off...

A key finding from the RBA’s Saunders-Tulip model of the housing market that we have emphasised in judging the outlook for house prices is the extreme sensitivity of...

Italy’s 66th post-war government collapsed in January 2021 when a coalition led by Prime Minister Giuseppe Conte crumbled. President Sergio Mattarella encouraged the...

For the first time since November 2010, the cash rate target has been lifted in Australia and for the first time since the reign of Glenn Stevens, the monetary...

Monetary Policy from Tailwind to Headwind: Last year I counted 123 rate hikes across 41 central banks… meanwhile already so far this year I’ve counted 67 interest...

A risk-management approach to unexpectedly high US inflation suggests that a fast return to neutral funds rate – 2½% on the Fed’s calculation or about 2% on market...

China Property Prices: The Chinese property market downturn extended through January, with the majority of cities seeing prices fall vs December, and close to 50% of...

Fed sweet spot indicator: Rate hikes, all else equal, tend to be bad for risk assets in that it incrementally removes monetary tailwinds, raises the discount rate...

Shadow policy rates on the rise: Shadow policy rates are designed to factor in the effects of quantitative easing (QE). They present a view of the effective level of...

Over the last decade, lower interest rates have failed spectacularly in moving inflation. This brings into question the same approach for the years ahead, where...