Thursday 19/09/2019

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What’s next for central bank policy ?

Chief Economist

The annual symposium in Wyoming looks set to attract a great deal of attention again as hot economic issues and policy options are being fiercely debated among experts. Against this background, we have updated our view on central bank policy.

Central bankers, finance ministers, academics and financial market participants from around the globe are gathering in Jackson Hole this week. This annual symposium in Wyoming looks set to attract a great deal of attention again as hot economic issues and policy options are being fiercely debated among experts. Against this background, we have updated our view on central bank policy. More specifically, we focus on what’s next for the Fed, the ECB, the BoE, the BoJ and the PBoC. 

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  • Global economic activity is performing solidly from a cyclical point of view 
  • Inflation and wage growth remain subdued for the time being 
  • How fast central banks will act is a function of economic activity, inflation and market volatility
  • As things stand, central banks are eying a gradual tightening of monetary policy 
  • We expect central banks to tighten policy slightly faster than what’s currently priced in by markets. 
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