The disappointing recovery following the 2008 Great Financial Crisis has brought to life Alvin Hansen’s thesis of the late 1930s. Hansen was wrong. But he was wrong in way he still might be right after all.
Besides ‘traditional’ topics such as the trade conflict and Brexit, the currency depreciation raging in a number of emerging markets and the Italian budget saga defined the fortunes of equity, fixed-income and currency markets. Our expert, Johan Gallopyn, outlines the main trends of the month of September.
This year’s Jackson Hole conference was rather disappointing in the sense that it didn’t deliver much out-of-the-box thinking with regards to monetary policy. US policymakers, meanwhile, highlighted that the case for a second rate hike has become stronger.