Mensuel de mars 2019 - Fonds / Bourse

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Monetary policy : trapped by the mountain of debt
By Dr. Bert FLOSSBACH, Co-Founder and Board Member of Flossbach von Storch AG   Investors in the financial markets were very worried about excessive monetary policy tightening by the Federal Reserve (Fed) at the end of 2018. The Fed has, however, shown itself to be more flexible now. It will not dogmatically maintain its previous forward guidance, but instead base interest-rate policy on current economic and inflation estimates (data dependency).   Concerns about declining liquidity – due to the reduction in the Fed’s balance sheet as the bonds acquired during Quantitative Easing (QE) now begin to mature – also appear exaggerated. The central bank balance sheet has already decreased from around US-Dollar 4.5 to 4 trillion. The Fed is currently...
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