Rate Expectations

Central banks in developed economies have injected extraordinary stimulus into the system since the recession arising from the global financial crisis five years ago. The stimulus has come from reductions in official interest rates to historic lows and from more unconventional measures aimed at holding down long-term interest rates. In 2013, markets became unsettled when […]

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Simplicity and Sophistication

The Chinese philosopher Confucius once said that life is very simple, but we insist on making it complicated. You could say the same thing about investment. Complexity in investment often goes with a lack of transparency. The highly engineered and multi-layered financial derivatives that contributed to the global financial crisis five years ago are a […]

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Second Guessing

Markets recently have had a rocky time as investors in aggregate reassess prospects for monetary policy stimulus in the United States. Is this something to worry about? The world’s most closely watched central bank unsettled financial markets by flagging it may start later this year to scale back its bond purchases. Under this program of […]

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Do You Believe in Magic?

Since the global financial crisis, many investors have been drawn to promises of high return and low risk. After all, that sounds like a magic combination. But as with all magic tricks, it pays to be sceptical. It’s quite natural that after a period of extraordinary volatility in markets people would be attracted to new, […]

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