Yesterday
- Opinion
- Opinion
Market gyrations reflect fears about the unwinding of QE
Bountiful free money is not a “normal” state of affairs, and the sooner investors realise this the better. And that includes central bankers.
- Gillian Tett
August 2023
- Opinion
- Bonds
The asset prices tipped to grow in the coming year
Rising bond yields mean that the risk-free rate of return will lift and be a headwind for the pricing of all assets in the coming few years.
- John Abernethy
April 2023
- Opinion
- Monetary policy
These are the questions the RBA review should have been asking
The focus on the reserve bank’s recent errors meant that bigger issues of how to make monetary policy work more positively were overlooked.
- Stephen Anthony
January 2023
- Opinion
- Monetary policy
Economy needs a personal trainer, not more pills
Excessive QE has made our policymakers lazy. Our 2023 resolution should be for productivity-enhancing reforms rather than constant RBA medication.
- Richard Holden
November 2022
- Opinion
- Cryptocurrencies
Crypto sceptics are reading the wrong lesson from FTX
Greed and poor governance, not tech flaws or liberal use of emojis, caused the shocking downfall of the world’s second-largest cryptocurrency exchange.
- Aleks Vickovich
October 2022
BoE set to further delay bond sales until gilt markets calm
The bank had already delayed the start of its sale of $1.5 trillion of gilts bought under its quantitative easing program.
- Chris Giles and Tommy Stubbington
- Opinion
- Interest rates
Zombie collapse could trigger next sub-prime crisis
Previously protected by zero rates and QE-to-infinity, many companies may now be torched by inflation and expensive money where the fallout will be far-reaching.
- Christopher Joye
September 2022
- Opinion
- RBA
Mired in red ink: Turns out the RBA’s money printing was no free lunch
The Reserve Bank’s $37 billion loss shows there was a definite cost to its extraordinary monetary interventions during the pandemic. Just as well the RBA can’t go bankrupt.
- John Kehoe
RBA’s bond buying experiment could cost $58b
The RBA will not pay a dividend to the government “for a number of years” as it nurses balance sheet losses relating to its bond purchase program that could top $58 billion.
- Updated
- Jonathan Shapiro and John Kehoe
- Opinion
- Monetary policy
A bit rich for governments to blame their central banks
Governments may be forced to acknowledge their own complicity in the inflation that they are so keen to be rid of.
- Adrian Blundell-Wignall
August 2022
- Opinion
- Monetary policy
Why this fundie thinks a soft landing might just be achievable
As central bank policies limit the negative consequences of quantitative tightening, any downturn in the US and Australia is more likely to be mild rather than deep.
- John Abernethy
July 2022
- Opinion
- Monetary policy
Inflation may soon be tamed, but deflation has never really gone away
Central banks were right to hesitate on lifting interest rates when the world may once again rely on debt to drive growth.
- Sam Wylie
June 2022
Why Japan is going the other way on bonds
The Bank of Japan’s plans to buy vast quantities of bonds is in stark contrast to other major economies that are exiting stimulus programs.
- Nikou Asgari
May 2022
- Opinion
- Chanticleer
Why Jamie Dimon says it’s different this time
JPMorgan chief executive Jamie Dimon says the ‘storm clouds’ over the global economy can dissipate. But don’t get too excited – he still thinks we’re in uncharted territory.
- Updated
- James Thomson
April 2022
- Opinion
- Bonds
Liquidity drought amplifies the bond market’s frustration
The average daily range in the US two-year note is a little over 3.3 basis points; rarely has it exceeded 11. Of the 40 times this has happened in the past decade, 14 have occurred this year alone.
- Chris Dickman
BoJ resumes bond buying as 10-year yield rises to upper limit
The Bank of Japan said it would buy an unlimited amount of 10-year government bonds at a fixed rate of 0.25 per cent.
- Chikako Mogi
- Opinion
- Sharemarket
Why the market is convulsing over quantitative tightening
The Fed is balancing rate hikes with reduced bond purchases in a race to tighten. The mix it decides on will have major ramifications for sharemarket investors.
- Jonathan Shapiro
March 2022
- Opinion
- Bonds
A seventies survival guide to 2022’s monetary puzzle
The 1970s coincided with major shifts in monetary policy regimes, and the OPEC shock. Will central banks heed the lessons of 50 years ago?
- Chris Dickman
- Opinion
- Smart Investor
No need for investors to fear QE taper
Despite the narrative of how central banks have propped markets up with “excess liquidity”, when you analyse how QE works, that is simply not what happens.
- James Weir
February 2022
- Opinion
- Interest rates
The reason central banks won’t ramp up rates
Record debt levels mean slow and methodical rises are likely, with a careful eye on vulnerable parts of the economy.
- John Abernethy
