Financial Stability and Business Cycle: Cicero on Risk Migration, Exogenous Shocks, and the Twin Engines
Resilient and liquid financial markets are essential to keeping the global economy going. A decade ago payments systems and capital markets seized up almost everywhere and a year later the world was facing a financial and economic abyss. The magnification of credit...Weekly Market Update
Market Action The MSCI World benchmark of large and mid-cap stocks reached a new all-time high on Wednesday amid gains in most Asian and European markets. Japan’s Nikkei advanced to its highest level since 1996, and European shares reached four-month highs this week....Growth Forecasts and Policy Uncertainty: Implications for Portfolio Adjustments
A few days ago the IMF published its annual forecasts for developed and emerging economies. Five things are worth pointing out: First, when we review forecasts made for previous years it becomes obvious that the IMF is overestimating growth potential. Second,...Weekly Market Update
Market Action Movement regarding the U.S. budget and tax reform helped propel the S&P 500 to an unusual 8 consecutive days of new high closings. On Friday, when the U.S. Department of Labor reported a loss of 33,000 jobs in September (blamed on Hurricanes Harvey...Market Valuations and Devolution: Mythos, Madness, or an Allegory?
Over the course of the last few days, some important pieces were published on the valuation of equities and bonds. At the same time we observed independent referendums taking place in Spain and in Kurdistan. The latter could possibly be signs of a devolutionary...Sign Up for Our Publications
