OPINION | The "What if" Spooking Markets : Policy Success

Voter rebellions? A protectionist wave? Looming recession? Islamic militancy? Perhaps the biggest shock to world markets now would be if central banks met their inflation goals.

By Mike Dolan

OPINION | The "What if" Spooking Markets : Policy Success

Image Attribute:  People walk through the lobby of the London Stock Exchange in London, Britain November 30, 2015. REUTERS/Suzanne Plunkett

LONDON (Reuters) - Voter rebellions? A protectionist wave? Looming recession? Islamic militancy? Perhaps the biggest shock to world markets now would be if central banks met their inflation goals.  

After nearly 10 years of near zero or even negative interest rates and trillions of dollars in new cash stimulus, the world's top central banks have just about kindled a spluttering, sub-par expansion with jobs to boot.  

But they have failed to get wages growing for large parts of the population or to sustain consumer price gains above targets of about 2 percent for any length of time.  

Financial markets have stopped believing they will - in some cases not for the remainder of our working lives.  
Inflation expectations embedded in interest rate derivatives and inflation-linked bond markets are below target to at least 2026 and even, where visible, 2046. Nominal sovereign yields out three and even five decades into the future for Japan, Germany, Britain, France and Switzerland are all below these targets too.  

Some suspect the extraordinary bond-buying intervention used to flood banks with all that newly-minted cash - still in full flow in Japan and the euro zone, and possibly relaunched in Britain this week - has skewed all pricing to make it unreliable.    

But the U.S. Federal Reserve stopped its 'quantitative easing' almost two years ago and has been no more successful in either meeting its inflation targets since or in convincing its markets it will mange to do so over time.  

The Fed's favored household inflation gauge - the core Personal Consumption Expenditures index - has remained stubbornly below a presumed 2 percent goal now for eight years.     

"Inflation expectations at 2 percent would be bordering on irrational at this point given the Fed's inability or unwillingness to achieve its target year after year," wrote Morgan Stanley economist Ted Wiseman, adding his forecast for this year and next meant there would be a full decade of misses.  

Failure to generate enough economic activity to get wage and inflation expectations rising clearly matters to governments, households and business for a whole host of reasons - coaxing the public to buy goods today rather than saving for tomorrow, getting private firms to invest in future production and innovation, debt sustainability and even political stability.  

And for financial markets, a deeply-embedded belief that central banks will not meet their targets over the coming decades has led to extraordinary changes of behavior and herding that mean any sign of success could be seismic.  

With monetary stimuli now looking inadequate on their own, governments may resort to a combination of budget spending and monetary pumping to get a grip.  

Japan nodded to that tilting policy mix this week with plans for 7.5 trillion yen of new government spending - likely funded by the sale of 40-year bonds, just after the Bank of Japan said on Friday it would expand purchases of equities rather than bonds.  

That change of policy tack may jar ossifying market expectations. The 25 basis point rise in 10-year Japanese government yields this week - the biggest such move in three years - is eye-catching as a result.      

INFLATED ASSETS  

But how exposed are world markets to shifting assumptions?  

Equity prices have been nudging record highs again even though underlying corporate earnings growth has stalled and global money managers polled by Reuters last month are drifting away, their holdings of bonds and cash exceeding equities for the first time since the credit crisis seven years ago.  

And yet, bonds too have never been more expensive, with record low yields undermining their critical fixed income function. German 10-year Bunds now have zero percent coupons and that means any move higher in yields involves significant losses on this supposedly 'risk free' asset.   

Put another way, if markets believed the ECB would meet its near 2 percent target over those 10 years and 10-year Bund yields at least matched that level, then Bund holders would suffer a capital hit of over 20 percent.  Fitch estimates that a rapid reversion to just 2011 levels for almost $38 trillion of investment-grade government bonds could crystallize market losses of as much as $3.8 trillion.   

So what gives? An assumption central banks will continue to try but ultimately fail to meet inflation goals is akin to presuming they'll prevent another recession but not get enough growth to push up prices.  

In that world anaesthetized from the sort of steep equity drawdowns associated with economic contraction, simple yield plays between assets makes the 3.6 percent dividend on European equity or even the 2 percent on U.S. equivalents sparkle next to near zero or even negative government bond yields.  

Citi's estimate of the global 'equity risk premium' - adding expected growth to current dividend yields across major developed economies and comparing it to an average 10-year government bond yield - is a whopping 5.3 percent.  

That's far above 25-year averages of 3 percent and most other bull market or bear market peaks except 2009.  

With conservative investors now relying on equity for income and playing bonds for capital gain, the shock of policy success could be sizeable by squeezing that ERP from the bottom up and whipping away a prop for already pricey, jaded stocks.   

"Markets are very doubtful that policymakers will be able to meet their inflation goals," said Citi's global equity strategist Robert Buckland. "The surprise from here would be that they actually do achieve their goals."     

(Additional reporting by Jamie McGeever; editing by John Stonestreet)

(c) 2016 Thomson Reuters Media Express
Name

-51,1,3D Technology,2,5G,10,Abkhazia,2,Abortion Laws,1,Academics,11,Accidents,22,Activism,1,Adani Group,6,ADB,13,ADIZ,1,Adults,1,Advertising,31,Advisory,2,Aerial Reconnaissance,13,Aerial Warfare,36,Aerospace,5,Afghanistan,88,Africa,115,Agile Methodology,2,Agriculture,21,AI Policy,1,Air Crash,10,Air Defence Identification Zone,1,Air Defense,7,Air Force,29,Air Pollution,1,Airbus,5,Aircraft Carriers,5,Aircraft Systems,6,Al Nusra,1,Al Qaida,4,Al Shabab,1,Alaska,1,ALBA,1,Albania,2,Algeria,3,Alibaba,1,American History,4,AmritaJash,10,Antarctic,1,Antarctica,1,Anthropology,7,Anti Narcotics,12,Anti Tank,1,Anti-Corruption,4,Anti-dumping,1,Anti-Piracy,2,Anti-Submarine,1,Anti-Terrorism Legislation,1,Antitrust,2,APEC,1,Apple,3,Applied Sciences,2,AQAP,2,Arab League,3,Architecture,3,Arctic,6,Argentina,7,Armenia,31,Army,3,Art,3,Artificial Intelligence,83,Artillery,2,Arunachal Pradesh,2,ASEAN,12,Asia,71,Asia Pacific,24,Assassination,2,Asset Management,1,Astrophysics,2,ATGM,1,Atmospheric Science,1,Atomic.Atom,1,Augmented Reality,8,Australia,58,Austria,1,Automation,13,Automotive,133,Autonomous Flight,2,Autonomous Vehicle,4,Aviation,63,AWACS,2,Awards,17,Azerbaijan,17,Azeri,1,B2B,1,Bahrain,9,Balance of Payments,2,Balance of Trade,3,Bali,1,Balkan,10,Balochistan,2,Baltic,3,Baluchistan,8,Bangladesh,30,Banking,53,Bankruptcy,2,Basel,1,Bashar Al Asad,1,Battery Technology,3,Bay of Bengal,5,BBC,2,Beijing,1,Belarus,3,Belgium,1,Belt Road Initiative,3,Beto O'Rourke,1,BFSI,1,Bhutan,13,Big Data,30,Big Tech,1,Bilateral Cooperation,21,BIMSTEC,1,Biography,1,Biology,1,Biotechnology,4,Birth,1,BISA,1,Bitcoin,10,Black Lives Matter,1,Black Money,3,Black Sea,2,Blockchain,32,Blood Diamonds,1,Bloomberg,1,Boeing,21,Boko Haram,7,Bolivia,7,Bomb,3,Bond Market,3,Book,11,Book Review,24,Border Conflicts,12,Border Control and Surveillance,7,Bosnia,1,Brand Management,14,Brazil,107,Brexit,22,BRI,5,BRICS,20,British,3,Broadcasting,16,Brunei,3,Brussels,1,Buddhism,1,Budget,5,Build Back Better,1,Bulgaria,1,Burma,2,Business & Economy,1259,C-UAS,1,California,5,Call for Proposals,1,Cambodia,7,Cameroon,1,Canada,57,Canadian Security Intelligence Service (CSIS),1,Carbon Economy,9,CAREC,1,Caribbean,10,CARICOM,1,Caspian Sea,2,Catalan,3,Catholic Church,1,Caucasus,9,CBRN,1,Cement,1,Central African Republic,1,Central Asia,82,Central Asian,3,Central Eastern Europe,49,Certification,1,Chad,2,Chanakya,1,Charity,2,Chatbots,2,Chemicals,7,Chemistry,1,Child Labor,1,Child Marriage,1,Children,4,Chile,10,China,596,Christianity,1,CIA,1,CIS,5,Citizenship,2,Civil Engineering,2,Civil Liberties,5,Civil Rights,2,Civil Society,5,Civil Unrest,1,Civilization,1,Clean Energy,5,Climate,67,Climate Change,29,Climate Finance,2,Climate Studies,1,Clinical Research,3,Clinton,1,Cloud Computing,45,Coal,6,Coast Guard,3,Cocoa,1,Cognitive Computing,13,Cold War,5,Colombia,15,Commodities,4,Communication,12,Communism,3,Compliance,1,Computers,40,Computing,1,Conferences,1,Conflict,112,Conflict Diamonds,1,Conflict Resolution,49,Conflict Resources,1,Congo,2,Construction,5,Consumer Behavior,4,Consumer Price Index,5,COP26,4,COP28,1,COP29,1,Copper,3,Coronavirus,107,Corporate Communication,1,Corporate Governance,4,Corporate Social Responsibility,4,Corruption,4,Costa Rica,2,Counter Intelligence,15,Counter Terrorism,81,COVID,9,COVID Vaccine,6,CPEC,8,CPG,5,Credit,2,Credit Rating,3,Credit Score,1,Crimea,4,Critical Minerals,1,CRM,1,Croatia,2,Crypto Currency,19,Cryptography,1,CSTO,1,Cuba,7,Culture,5,Currency,9,Customer Exeperience,1,Customer Relationship Management,1,Cyber Attack,8,Cyber Crime,2,Cyber Security & Warfare,117,Cybernetics,5,Cyberwarfare,16,Cyclone,1,Cyprus,5,Czech Republic,5,DACA,1,Dagestan,1,DARPA,3,Data,9,Data Analytics,36,Data Center,4,Data Science,2,Database,3,Daughter.Leslee,1,Davos,1,DEA,1,DeBeers,1,Debt,13,Debt Fund,1,Decision Support System,5,Defense,12,Defense Deals,8,Deflation,1,Deforestation,2,Deloitte,1,Democracy,22,Democrats,2,Demographic Studies,2,Demonetization,6,Denmark. F-35,1,Denuclearization,1,Diamonds,1,Digital,39,Digital Currency,2,Digital Economy,11,Digital Marketing,7,Digital Transformation,11,Diplomacy,14,Diplomatic Row,4,Disaster Management,4,Disinformation,2,Diversity & Inclusion,1,Djibouti,2,Documentary,3,Doklam,2,Dokolam,1,Dominica,2,Donald Trump,52,Donetsk,2,Dossier,2,Drones,14,E-Government,2,E-International Relations,1,Earning Reports,4,Earth Science,2,Earthquake,8,East Africa,2,East China Sea,9,eBook,1,Ebrahim Raisi,1,ECB,1,eCommerce,11,Econometrics,2,Economic Indicator,1,Economic Justice,1,Economics,46,Economy,114,ECOWAS,2,Ecuador,4,Edge Computing,2,Editor's Opinion,59,Education,67,EFTA,1,Egypt,28,Election Disinformation,1,Elections,52,Electric Vehicle,15,Electricity,7,Electronics,9,Emerging Markets,1,Employment,23,Energy,316,Energy Policy,28,Energy Politics,27,Engineering,24,England,2,Enterprise Software Solutions,8,Entrepreneurship,15,Environment,47,ePayments,13,Epidemic,6,ESA,1,Ethiopia,4,Eulogy,4,Eurasia,3,Euro,6,Europe,15,European Union,237,EuroZone,5,Exchange-traded Funds,2,Exclusive,2,Exhibitions,2,Explosives,1,Export Import,6,F-35,6,Facebook,9,Fake News,3,Fallen,1,FARC,2,Farnborough. United Kingdom,2,FATF,1,FDI,6,Featured,1423,Federal Reserve,6,Fidel Castro,1,FIFA World Cup,1,Fiji,1,Finance,18,Financial Markets,60,Financial Planning,1,Financial Statement,2,Finland,5,Fintech,15,Fiscal Policy,14,Fishery,3,Five Eyes,1,Floods,2,Food Security,27,Forces,1,Forecasting,3,Foreign Policy,13,Forex,4,France,37,Free Market,1,Free Syrian Army,4,Free Trade Agreement,1,Freedom,3,Freedom of Press,1,Freedom of Speech,2,French Polynesia,1,Frigate,1,FTC,1,Fujairah,97,Fund Management,1,Funding,23,Future,1,G20,10,G24,1,G7,4,Gaddafi,1,Gambia,2,Gambling,1,Gaming,1,Garissa Attack,1,Gas Price,23,GATT,1,Gaza,15,GCC,11,GDP,14,GDPR,1,Gender Studies,3,Geneal Management,1,General Management,1,Generative AI,8,Genetics,1,Geo Politics,105,Geography,2,Geoint,14,Geopolitics,11,Georgia,12,Georgian,1,geospatial,9,Geothermal,2,Germany,72,Ghana,3,Gibratar,1,Gig economy,1,Glaciology,1,Global Markets,1,Global Perception,1,Global Trade,101,Global Warming,1,Global Water Crisis,11,Globalization,3,Gold,4,Google,20,Gorkhaland,1,Government,128,Government Analytics,1,Government Bond,1,GPS,1,Greater Asia,184,Greece,14,Green Bonds,1,Green Energy,3,Greenland,1,Gross Domestic Product,2,GST,1,Gujarat,6,Gulf of Tonkin,1,Gun Control,4,Hacking,4,Haiti,2,Hamas,12,Hasan,1,Health,8,Healthcare,72,Heatwave,2,Helicopter,12,Heliport,1,Hezbollah,3,High Altitude Warfare,1,High Speed Railway System,1,Hillary 2016,1,Hillary Clinton,1,Himalaya,1,Hinduism,2,Hindutva,4,History,10,Home Security,1,Honduras,2,Hong Kong,7,Horn of Africa,5,Housing,16,Houthi,13,Howitzer,1,Human Development,32,Human Resource Management,5,Human Rights,7,Humanitarian,3,Hungary,3,Hunger,3,Hydrocarbon,3,Hydrogen,5,IAEA,2,ICBM,1,Iceland,2,ICO,1,Identification,2,IDF,1,Imaging,2,IMEEC,2,IMF,77,Immigration,21,Impeachment,1,Imran Khan,1,Independent Media,73,India,685,India's,1,Indian Air Force,19,Indian Army,7,Indian Nationalism,1,Indian Navy,28,Indian Ocean,24,Indices,1,Indigenous rights,1,Indo-Pacific,9,Indonesia,25,IndraStra,1,Industrial Accidents,4,Industrial Automation,2,Industrial Safety,4,Inflation,10,Infographic,1,Information Leaks,1,Infrastructure,3,Innovations,22,Insider Trading,1,Insurance,3,Intellectual Property,3,Intelligence,5,Intelligence Analysis,8,Interest Rate,3,International Business,13,International Law,11,International Relations,9,Internet,53,Internet of Things,35,Interview,8,Intra-Government,5,Investigative Journalism,4,Investment,33,Investor Relations,1,IPEF,1,iPhone,1,IPO,4,Iran,210,Iraq,54,IRGC,1,Iron & Steel,5,ISAF,1,ISIL,9,ISIS,33,Islam,12,Islamic Banking,1,Islamic State,86,Israel,150,ISRO,1,IT ITeS,136,Italy,10,Ivory Coast,1,Jabhat al-Nusra,1,Jack Ma,1,Jamaica,3,Japan,95,JASDF,1,Jihad,1,JMSDF,1,Joe Biden,8,Joint Strike Fighter,5,Jordan,7,Journalism,6,Judicial,4,Julian Assange,1,Justice System,3,Kamala Harris,3,Kanchin,1,Kashmir,10,Kaspersky,1,Kazakhstan,26,Kenya,6,Khalistan,2,Kiev,1,Kindle,700,Knowledge Management,4,Korean Conflict,1,Kosovo,2,Kubernetes,1,Kurdistan,8,Kurds,10,Kuwait,7,Kyrgyzstan,9,Labor Laws,10,Labor Market,4,Land Reforms,3,Land Warfare,21,Languages,1,Laos,2,Large language models,1,Laser Defense Systems,1,Latin America,84,Law,6,Leadership,3,Lebanon,12,Legal,11,LGBTQ,2,Li Keqiang,1,Liberalism,1,Library Science,1,Libya,14,Liechtenstein,1,Lifestyle,1,Light Battle Tank,1,Linkedin,1,Lithium,1,Lithuania,1,Littoral Warfare,2,Livelihood,3,Loans,10,Lockdown,1,Lone Wolf Attacks,3,Lugansk,2,Macedonia,1,Machine Learning,8,Madagascar,1,Mahmoud,1,Main Battle Tank,3,Malaysia,12,Maldives,13,Mali,7,Malware,2,Management Consulting,6,Manpower,1,Manto,1,Manufacturing,16,Marijuana,1,Marine Biology,1,Marine Engineering,3,Maritime,51,Market Research,2,Marketing,38,Mars,2,Martech,10,Mass Media,30,Mass Shooting,1,Material Science,2,Mauritania,1,Mauritius,2,MDGs,1,Mechatronics,2,Media War,1,MediaWiki,1,Medical,1,Medicare,1,Mediterranean,12,MENA,6,Mental Health,4,Mercosur,2,Mergers and Acquisitions,19,Meta,2,Metadata,2,Metals,3,Mexico,14,Micro-finance,4,Microsoft,12,Migration,19,Mike Pence,1,Military,113,Military Exercise,12,Military Service,2,Military-Industrial Complex,3,Mining,16,Missile Launching Facilities,6,Missile Systems,57,Mobile Apps,3,Mobile Communications,12,Mobility,4,Modi,8,Moldova,1,Monaco,1,Monetary Policy,6,Money Market,2,Mongolia,11,Monkeypox,1,Monsoon,1,Montreux Convention,1,Moon,4,Morocco,2,Morsi,1,Mortgage,3,Moscow,2,Motivation,1,Mozambique,1,Mubarak,1,Multilateralism,2,Mumbai,1,Muslim Brotherhood,2,Mutual Funds,2,Myanmar,30,NAFTA,3,NAM,2,Namibia,1,Nanotechnology,4,Narendra Modi,4,NASA,14,NASDAQ,1,National Identification Card,1,National Security,5,Nationalism,2,NATO,34,Natural Disasters,16,Natural Gas,33,Natural Language Processing,1,Nauru,1,Naval Aviation,1,Naval Base,5,Naval Engineering,24,Naval Intelligence,2,Naval Postgraduate School,2,Naval Warfare,50,Navigation,2,Navy,23,NBC Warfare,2,NDC,1,Nearshoring,1,Negotiations,2,Nepal,13,Netflix,1,Neurosciences,7,New Caledonia,1,New Delhi,4,New Normal,1,New York,5,New Zealand,7,News,1319,News Publishers,1,Newspaper,1,NFT,1,NGO,1,Nicaragua,1,Niger,3,Nigeria,10,Nikki Haley,1,Nirbhaya,1,Noble Prize,1,Non Aligned Movement,1,Non Government Organization,4,Nonproliferation,2,North Africa,23,North America,55,North Korea,59,Norway,5,NSA,1,NSG,2,Nuclear,41,Nuclear Agreement,32,Nuclear Doctrine,2,Nuclear Energy,7,Nuclear Fussion,1,Nuclear Propulsion,2,Nuclear Security,47,Nuclear Submarine,1,NYSE,2,Obama,3,ObamaCare,2,OBOR,15,Ocean Engineering,1,Oceania,2,OECD,5,OFID,5,Oil & Gas,387,Oil Gas,7,Oil Price,76,Olympics,2,Oman,25,Omicron,1,Oncology,1,Online Education,5,Online Reputation Management,1,OPEC,130,Open Access,1,Open Journal Systems,1,Open Letter,1,Open Source,4,OpenAI,2,Operation Unified Protector,1,Operational Research,4,Opinion,707,Opinon Poll,1,Optical Communications,1,Pacific,5,Pakistan,183,Pakistan Air Force,3,Pakistan Army,1,Pakistan Navy,3,Palestine,26,Palm Oil,1,Pandemic,84,Papal,1,Paper,3,Papers,110,Papua New Guinea,2,Paracels,1,Partition,1,Partnership,1,Party Congress,1,Passport,1,Patents,2,PATRIOT Act,1,Peace Deal,6,Peacekeeping Mission,1,Pension,1,People Management,1,Persian Gulf,19,Peru,6,Petrochemicals,1,Petroleum,19,Pharmaceuticals,15,Philippines,19,Philosophy,2,Photos,3,Physics,1,Pipelines,6,PLA,2,PLAN,4,Plastic Industry,2,Poland,8,Polar,1,Policing,1,Policy,8,Policy Brief,6,Political Studies,1,Politics,56,Polynesia,3,Pope,1,Population,7,Portugal,1,Poverty,8,Power Transmission,6,Preprint,1,President APJ Abdul Kalam,2,Presidential Election,34,Press Release,158,Prison System,1,Privacy,18,Private Debt Fund,1,Private Equity,3,Private Military Contractors,2,Privatization,1,Programming,1,Project Management,4,Propaganda,5,Protests,14,Psychology,3,Public Policy,55,Public Relations,1,Public Safety,7,Publications,1,Publishing,8,Purchasing Managers' Index,1,Putin,7,Q&A,1,Qatar,114,QC/QA,1,Qods Force,1,Quad,1,Quantum Computing,4,Quantum Physics,4,Quarter Results,2,Racial Justice,2,RADAR,2,Rahul Guhathakurta,4,Railway,9,Raj,1,Ranking,4,Rape,1,RBI,1,RCEP,2,Real Estate,7,Recall,4,Recession,2,Red Sea,6,Referendum,5,Reforms,18,Refugee,23,Regional,4,Regulations,2,Rehabilitation,1,Religion & Spirituality,9,Renewable,18,Report,4,Reports,51,Repository,1,Republicans,3,Rescue Operation,2,Research,5,Research and Development,25,Restructuring,1,Retail,36,Revenue Management,1,Rice,1,Risk Management,5,Robotics,8,Rohingya,5,Romania,3,Royal Canadian Air Force,1,Rupee,1,Russia,325,Russian Navy,6,Saab,1,Saadat,1,SAARC,6,Safety,1,SAFTA,1,SAM,2,Samoa,1,Sanctions,6,SAR,1,SAT,1,Satellite,14,Saudi Arabia,130,Scandinavia,6,Science & Technology,405,Science Fiction,1,SCO,5,Scotland,6,Scud Missile,1,Sea Lanes of Communications,4,SEBI,4,Securities,2,Security,6,Semiconductor,21,Senate,4,Senegal,1,SEO,5,Serbia,4,Services Sector,1,Seychelles,3,SEZ,1,Shadow Bank,1,Shale Gas,4,Shanghai,1,Sharjah,12,Shia,6,Shinzo Abe,1,Shipping,11,Shutdown,2,Siachen,1,Sierra Leone,1,Signal Intelligence,1,Sikkim,5,Silicon Valley,1,Silk Route,6,Simulations,2,Sinai,1,Singapore,17,Situational Awareness,20,Small Modular Nuclear Reactors,1,Smart Cities,7,Smartphones,1,Social Media,1,Social Media Intelligence,40,Social Policy,40,Social Science,1,Social Security,1,Socialism,1,Soft Power,1,Software,7,Solar Energy,17,Somalia,5,South Africa,20,South America,53,South Asia,492,South China Sea,36,South East Asia,83,South Korea,65,South Sudan,4,Sovereign Wealth Funds,1,Soviet,2,Soviet Union,9,Space,47,Space Station,3,Spaceflight,1,Spain,9,Special Education,1,Special Forces,1,Sports,3,Sports Diplomacy,1,Spratlys,1,Sri Lanka,25,Stablecoin,1,Stamps,1,Startups,43,State of the Union,1,Statistics,1,STEM,1,Stephen Harper,1,Stock Markets,29,Storm,2,Strategy Games,5,Strike,1,Sub-Sahara,4,Submarine,16,Sudan,6,Sunni,6,Super computing,1,Supply Chain Management,48,Surveillance,13,Survey,5,Sustainable Development,18,Swami Vivekananda,1,Sweden,4,Switzerland,6,Syria,112,Taiwan,34,Tajikistan,12,Taliban,17,Tamar Gas Fields,1,Tamil,1,Tanzania,4,Tariff,5,Tata,3,Taxation,25,Tech Fest,1,Technology,13,Tel-Aviv,1,Telecom,24,Telematics,1,Territorial Disputes,1,Terrorism,78,Testing,2,Texas,3,Thailand,12,The Middle East,660,Think Tank,317,Tibet,3,TikTok,2,Tim Walz,1,Tobacco,1,Tonga,1,Total Quality Management,2,Town Planning,3,TPP,2,Trade Agreements,14,Trade War,10,Trademarks,1,Trainging and Development,1,Transcaucasus,22,Transcript,4,Transpacific,2,Transportation,47,Travel and Tourism,16,Tsar,1,Tunisia,7,Turkey,75,Turkmenistan,10,U.S. Air Force,3,U.S. Dollar,2,UAE,140,UAV,23,UCAV,1,Udwains,1,Uganda,1,Ukraine,115,Ukraine War,28,Ummah,1,UNCLOS,7,Unemployment,2,UNESCO,1,UNHCR,1,UNIDO,2,United Kingdom,85,United Nations,28,United States,784,University and Colleges,4,Uranium,2,Urban Planning,10,US Army,12,US Army Aviation,1,US Congress,1,US FDA,1,US Navy,18,US Postal Service,1,US Senate,1,US Space Force,2,USA,16,USAF,22,USV,1,UUV,1,Uyghur,3,Uzbekistan,13,Valuation,1,Vatican,3,Vedant,1,Venezuela,21,Venture Capital,4,Vibrant Gujarat,1,Victim,1,Videogames,1,Vietnam,26,Virtual Reality,7,Vision 2030,1,VPN,1,Wahhabism,3,War,1,War Games,1,Warfare,1,Water,18,Water Politics,8,Weapons,11,Wearable,2,Weather,2,Webinar,1,WeChat,1,WEF,3,Welfare,1,West,2,West Africa,19,West Bengal,2,Western Sahara,2,Whales,1,White House,1,Whitepaper,2,WHO,3,Wholesale Price Index,1,Wikileaks,2,Wikipedia,3,Wildfire,1,Wildlife,3,Wind Energy,1,Windows,1,Wireless Security,1,Wisconsin,1,Women,10,Women's Right,14,Workers Union,1,Workshop,1,World Bank,38,World Economy,33,World Peace,10,World War I,1,World War II,3,WTO,6,Wyoming,1,Xi Jinping,9,Xinjiang,2,Yemen,29,Yevgeny Prigozhin,1,Zbigniew Brzezinski,1,Zimbabwe,2,
ltr
item
IndraStra Global: OPINION | The "What if" Spooking Markets : Policy Success
OPINION | The "What if" Spooking Markets : Policy Success
Voter rebellions? A protectionist wave? Looming recession? Islamic militancy? Perhaps the biggest shock to world markets now would be if central banks met their inflation goals.
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwEk_48vEd-6iVtd-ECXMS6wm86i65SqkmS_w19y5F1uWwxLMOi8LT8CNN6us7VbaTNetVlMQ4g_K91ZUXbSRiTxe7TA06lPVMFIGbCsW2qmusC-0VCMineyK37xgftVSKyjkPsJnIYnjq/s640/2016-08-03T055928Z_1_LYNXNPEC720A7_RTROPTP_3_BRITAIN-LSE.JPG
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwEk_48vEd-6iVtd-ECXMS6wm86i65SqkmS_w19y5F1uWwxLMOi8LT8CNN6us7VbaTNetVlMQ4g_K91ZUXbSRiTxe7TA06lPVMFIGbCsW2qmusC-0VCMineyK37xgftVSKyjkPsJnIYnjq/s72-c/2016-08-03T055928Z_1_LYNXNPEC720A7_RTROPTP_3_BRITAIN-LSE.JPG
IndraStra Global
https://www.indrastra.com/2016/08/OPINION-What-if-Spooking-Markets-Policy-Success-002-08-2016-0004.html
https://www.indrastra.com/
https://www.indrastra.com/
https://www.indrastra.com/2016/08/OPINION-What-if-Spooking-Markets-Policy-Success-002-08-2016-0004.html
true
1461303524738926686
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content