Tag: ecb

Do Markets Believe Central Banks?

22 October 2017 Investors appear convinced that stimulative G-7 monetary policies lie behind the markets’ record-setting performance.  To be sure, that was the case between 2009 and 2015.  During the past three years, however, I believe the impact of monetary policy has been quite neutral, the key driver of markets more recently has shifted from [...]

European Inflation Declines in March

The fall in March CPI inflation is welcome news to the ECB.  The decline indicates that the recent rise in prices was fully the result of higher energy costs.  This news will allow the ECB to remain on hold this year.  Low inflation, a cyclical economic acceleration,  and easy monetary conditions point to higher equity [...]