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The end of the free market: impact on currencies and beyond
There is no such thing as a free market anymore.
There is no such thing as a free market anymore. All developed central banks have cut rates to zero and buying trillions of assets. Inflation is very low. A global liquidity trap may be in the making. In a world of international yield curve control and administered asset prices, what does that mean for FX?
After shrugging off a historic plunge in April employment, market participants will likely need to digest further record-setting monthly declines in core CPI inflation as well as April retail sales and industrial production. [more]
It is now evident that the US economy is in the midst of the most severe contraction in the post-World War II era, one which could produce a record quarterly contraction in output in the second quarter and an unemployment rate above 17% in April. [more]
The US economy is experiencing unprecedented disruptions that have led to a sudden stop in activity. The result will be the most dramatic decline in GDP and sharpest rise in unemployment in the post-World War II period. [more]
We’ve witnessed an immense human tragedy as the covid-19 virus has spread around the globe. Amidst the awful numbers of people who have succumbed to the disease, we’re also now witnessing an incredibly painful economic downturn. [more]
The world economy has, to all intents and purposes, ground to a halt with widespread social distancing and lock-down measures resulting in the closure of restaurants, retail, travel, sporting events and many other business. [more]
We revisit the debt situation in Argentina and update our assessment on debt sustainability by projecting both debt stocks and FX debt repayment capacity. Argentina’s debt problem originates from fiscal dominance and lack of nominal anchor. [more]
The Phase One trade agreement between the US and China is more than a trade war truce and USD200 bn of purchases. It covers a broad range of topics from intellectual property (IP) protection to opening up China's market. [more]