by - Click to enlarge I joined Alix Steel and David Westin on the Bloomberg set earlier today. Click here for the link. In the roughly 2.5 minute clip, we talk about the US and and the monetary cycle in Europe. In the US, Q4 was another quarter of above trend growth. The Atlanta Fed says the economy is tracking 2.7%, while the NY Fed puts it at 4.0%. To my way of thinking about the situation, many observers seem to be exaggerating the change in global monetary cycle. The ECB and BOJ’s balance sheets are still growing. I don’t think it is realistic to think that the ECB will hike rates this year. The ECB has indicated their asset purchases will run through September, and that it won’t raise interest rates until after
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- Click to enlarge
I joined Alix Steel and David Westin on the Bloomberg set earlier today. Click here for the link. In the roughly 2.5 minute clip, we talk about the US and and the monetary cycle in Europe.
In the US, Q4 was another quarter of above trend growth. The Atlanta Fed says the economy is tracking 2.7%, while the NY Fed puts it at 4.0%.
To my way of thinking about the situation, many observers seem to be exaggerating the change in global monetary cycle. The ECB and BOJ’s balance sheets are still growing. I don’t think it is realistic to think that the ECB will hike rates this year. The ECB has indicated their asset purchases will run through September, and that it won’t raise interest rates until after they are completed. It is possible that the asset purchases continue, albeit at a slowing pace in Q4. Divergence of monetary policy and balance sheets has not peaked.
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