Janet Yellen delivered a speech on Friday confirming that the US remains on track to raise rates for the first time since 2006 later this year. “If the economy continues to improve as I expect, I think it will be appropriate at some point this year to take the initial step to raise the federal funds rate target and begin the process of normalizing monetary policy.” This step would mark the start of divergent central bank policy not seen since the 1980s. On one side Europe and Japan are aggressively easing and on the other the US is starting a tightening cycle. Miles Staude from the Global Value Fund says divergent central bank policy is a ‘2nd page headline’ that markets are not yet fully pricing. In this video he explains the implications this has for the AUD and why there is growing consensus view that the USD could enter a structural bull market.