Money supply growth is depressed for technical reasons, but credit is expanding at a robust pace
4
US external accounts adjust to the liquidity needs of the global economy
8
3
Household net worth in the United States has increased USD25 trillion since end-2019, or nearly 115% of GDP
9
12
Money growth alone does not map into inflation. That is a myth and markets have learnt that. But joint monetary and fiscal expansion is a different…
8
20
The pandemic has exposed radical differences in the conduct of monetary policy between China and the rest of the world. This is only the start of the…
4
6
Standing firm in face of slowing activity was key to Volcker's success
12
Saudi Arabia is back in the business of dollar recycling (and buying US assets aggressively recently)
and
4
Buba inflation control in the early-1980s hinged on the Taylor Principle—and the ECB knows this
10
As a narrative and in the hard money flow things are evolving fast
7
Taylor's Rule and variants have largely been forgotten. But why?
5
2
An energy shock is unlikely to elicit a dovish policy response; this cycle is very different from other cycles seen since the creation of the Euro.
5
After exceptional policy support during the pandemic, there are early signs that DM central bank balance sheet expansion is slowing; but what happens…
2