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Implications of the German elections for the economy and markets
Summary: The German elections were a resounding victory for German chancellor Angela Merkel. Nevertheless, she must still broker an agreement for a coalition government and this will change the politics of Germany and Europe. Below are my…
Dollar Broadly Weaker As Fed Keeps Punch Bowl In Place
To put it mildly, the Fed’s dovish surprise has many implications for the market. The first is that the Fed is very concerned about the backup in US rates, and the negative impact on the economy.
- The second major implication is that…
Tapering and the shift from QE toward forward guidance
The Federal Reserve meets today and tomorrow to decide on the next step on monetary policy. In my view, this meeting is crucially important because it not only will mark a regime shift away from quantitative easing toward forward guidance,…
The Lame Duck President Obama and the Fed Nomination
US President Barack Obama is in his second term in office. And because he cannot run for office again, his decision-making is bound to be different this term than it was in the first term. We are now seeing that in Syria, regarding the NSA…
Yellen’s nomination is not a done deal
Realizing that the Larry Summers nomination as the next Fed chairman was going to face some tough opposition in Congress, the president decided to pick someone else. Of course the next obvious candidate is Janet Yellen. There could be…