As the dust settles Whilst the tide of global policy loosening continues, the argument that central banks have exhausted their stores of ammunition continues to grow more vocal, as some market commentators have expressed concern about the diminishing returns of monetary stimulus. This may be true
Record breakers At the ancient Olympics in Greece, doves were released at the opening ceremony. The modern Olympics dispensed with the tradition after the 1988 opening ceremony in Seoul, when the lighting of the Olympic Cauldron ended in disaster for several of the doves. Monetary doves were
Data overload In 2010 Eric Schmidt, CEO of Alphabet (Google’s parent company) and unofficial evangelist-in-chief at Google, gave a sense of the data overload that characterises our digital age. Since 2003, Schmidt claimed, humans had recorded or created as much information every two days as they
Delayed response Nobody likes to be wrong. Markets had been pricing in an 80% likelihood of a rate drop of at least 0.25% last Thursday. Instead, the Bank of England’s Monetary Policy Committee (MPC) wrong-footed markets by voting 8–1 in favour of leaving rates on hold.
Delayed response Nobody likes to be wrong. Markets had been pricing in an 80% likelihood of a rate drop of at least 0.25% last Thursday. Instead, the Bank of England’s Monetary Policy Committee (MPC) wrong-footed markets by voting 8–1 in favour of leaving rates on hold.
Gainful employment After a fortnight of jumpy trading, markets were eager for good news last week. On Friday, it duly materialised in the form of the important US payrolls report. Figures for both April and May had fallen far short of expectations; Janet Yellen, chair of
Dissonant notes The direction of travel last week seemed ever downward. British politics has not appeared so unstable – or its politicians so duplicitous – for decades. Forecasts for the economic outlook now tend to the negative. The European Banking Authority is readying itself to move
Uncharted waters Sometimes even a weekend can be a long time in politics. Since it was confirmed on Friday morning that the UK had voted to end its membership of the European Union, David Cameron has resigned, as has half the shadow cabinet. Nicola Sturgeon has
This precious stone Perhaps it is appropriate that Britain’s referendum on EU membership takes place 400 years after the death of a man who may have done more than anyone to shape this nation’s view of itself. William Shakespeare put his best-known lines about his
Divided times If the populace knew with what idiocy they were ruled, they would revolt; or so said Charlemagne, the eighth century conqueror who united much of Europe under his rule and created the administrative geographies that would evolve into Germany, France and the Low
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