US Rates – What to Consider beyond the Reflation Narrative?
The trajectory of US interest rates depends on changes in expectations over its i) term structure and ii) term premia. We explore what truly matters for rates f...
Category: US
Monetized Fiscal Expansion – Principles & Core Arguments. Conditions, Constraints, & Potential Implementation
Synopsis There has been a clear shift towards growing acceptance of “unorthodox” stimulative fiscal economic policies lately as reflected in both The Economist ...
Thoughts on the Fed’s New AIT Framework
1. Negative real rates essentially becomes an explicit policy objective. 2. The new policy introduces an element of a ‘make-up’ strategy to inflation but charac...