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A Radical Policy Shift

A Radical Policy Shift

Major crises often legitimise and cement radical policy changes. The 2008 Financial Crisis allowed quantitative easing to become accepted and in time to become mainstream. The current crisis has legitimised government deficit spending – financed by central...
Market disruption from good news

Market disruption from good news

It sounds odd to talk of the risk of good news, especially with some markets at or near all-time highs. Yet if we look under the surface of equities and bonds, enormous pessimism about the economy is embedded in valuations. Markets have been pushed higher by defensive...
Green Shoots

Green Shoots

The bear case for the global economy is well understood and well-articulated. Below we outline arguments that make the case for recovery. The argument is built on a series of observations. -In mid-March European equity markets saw measurable extreme panic and...