Janet Yellen



Central bankers stymied as their normalisation window closes fast

Central bankers stymied as their normalisation window closes fast

But stubbornly low inflation, defective fiscal policy and systemic disruption in all its forms looks like it lulled them into a mistaken belief that they had more time.The last few weeks are reinforcing the sense that the window is closing fast. Financial markets have gone from pricing in hikes to cuts.What’s remarkable is just how…


The Fed is capitulating and that could be a bad sign for the economy

The Fed is capitulating and that could be a bad sign for the economy

As non-surprises go, the U.S. Federal Reserve’s policy announcement Wednesday was pretty surprising. Nobody should have been shocked by the headline: as expected, the Fed’s Federal Open Market Committee is holding the top range of its target federal funds rate steady at 2.5 per cent. And perhaps not many market-watchers were caught off guard by…