European Central Bank (ECB) president Christine Lagarde, US Federal Reserve chair Jerome Powell, Bank of England governor Andrew Bailey and Bank of Japan governor Haruhiko Kuroda came together (virtually) on 29 September to answer these questions in an hour-long discussion on global economic prospects entitled ‘Beyond the pandemic: the future of monetary policy’ during the ECB Forum on Central Banking.
Not only does central bank policy remain supportive for equities but a lot of investor cash is also still sitting in money market accounts. This could yet end up in equities given the poor outlook for bonds.
The BIS Innovation Hub’s geographic footprint is growing to include centres in London, Toronto, Stockholm, Paris and Frankfurt, as well as a strategic partnership with the Federal Reserve Bank of New York.
The IMF has just released its latest world economic outlook which was relatively optimistic. Its forecast for global growth has been raised to 6.6% and 4.4% for this year and next, with the US accounting for the lion’s share of the upward revision on the back of the large fiscal stimulus.
We continue to believe UK equities could build further on their recent outperformance. But this is much more about their cheapness and the rotation into value rather than hopes of any glorious post-Brexit future for the economy.
“Bitcoin is like the first plane built by the Wright Brothers. They built it using human intuition and imitation of birds, long before fluid dynamics were formulated. Bitcoin was built by Satoshi using intuition and heuristics, and he didn’t start with a theoretical framework as the foundation.”
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