The Fed Is No Longer Setting the Global Rate Cycle
For most of the past decade, global monetary policy was organised around one central question: what would the Federal Reserve do next? That hierarchy is...
Tag: monetary policy
The BOJ’s Yen Dilemma
The United States and Japan have shown an unusual degree of coordination in defending the yen. Yet beneath that apparent unity lies a fundamental disagreement...
The Bond Market Is Starting to Set the Rules
For years, financial markets were conditioned to believe that central banks controlled the price of money. Today, that assumption is becoming much less comfortable. Two...
Japan Is Winning the Battle, Not the Currency War
Japan has spent extraordinary amounts of money defending the yen. The result, so far, is less impressive. After the first coordinated US-Japan intervention since 1998,...
Japan’s ¥8.5 Trillion Warning: Currency Intervention Has Become Geopolitical
For decades, foreign exchange intervention was regarded as an emergency tool, deployed occasionally to smooth excessive volatility before markets inevitably reasserted the underlying economic fundamentals....
The Bond Market Has Become the Federal Reserve
Central banks are supposed to set the price of money. That simple principle has underpinned modern monetary policy for decades. Markets responded to the Federal...
The Return of the Inflation Triangle
The global economy is entering a new inflationary phase, not because one single shock has overwhelmed the system, but because three distinct forces are beginning...
The Fed Is No Longer Fighting Yesterday’s Inflation
The Federal Reserve is entering its July meeting with a problem that is far more serious than a single uncomfortable inflation print. The issue is...
The Middle East’s Great Reordering: War, Energy and the Nuclear Race
The Middle East is no longer experiencing a series of disconnected crises. What initially appeared to be a military confrontation between the United States and...