A cynical view of central bank money-speak
References to money trends in Fed and Bank of England reports represent tokenism, with no implications for policy. Continue reading
Japan’s QT disaster
The BoJ’s bond disposals are crushing money growth, threatening a return to deflation. Continue reading
A “monetarist” perspective on current equity markets
The monetary backdrop for markets has become less favourable, while a pick-up in US money growth suggests rising medium-term inflation risks. Continue reading