Global bonds rallied this week as the rate-hike bets that spurred an epic sell-off in October collapsed. That increases the chances of surprising markets and committing a policy error. ![]() With inflation strengthening and growth slowing, most policy makers in developed economies face a balancing act in which the risks are almost equally shared between acting too fast or too slow. At the more hawkish end of the spectrum, Poland and the Czech Republic tightened rates, and Norway indicated it will do so again in December.The Bank of England defied market expectations by not raising rates, while sticking with the view they will still need to rise in “coming months.”.The Reserve Bank of Australia dropped a pledge to anchor short-term bond yields and signaled it has no plans to raise its benchmark rate anytime soon. ![]() ![]()
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