Not exact matches
«
Policy divergence is expected to remain a prominent theme,» Canadian policy makers said in their December 2 statement, new language that read as a reminder to currency traders that the Bank of Canada sets policy independent of th
Policy divergence is expected to remain a prominent theme,» Canadian
policy makers said in their December 2 statement, new language that read as a reminder to currency traders that the Bank of Canada sets policy independent of th
policy makers said
in their December 2 statement, new language that read as a reminder to currency traders that the Bank of Canada sets
policy independent of th
policy independent of the Fed.
The
divergence in policy between the U.S. Federal Reserve and the Bank of Canada is happening: the Fed likely will raise interest rates at least a few times
in 2017, while the Canadian central bank likely will do nothing at all.
These contrasting inflation outlooks suggest further monetary
policy divergence is ahead (read more on this
divergence and its investing implications
in our recent post Opportunities emerge as central banks diverge.).
In this context,
policy divergence is expected to remain a prominent theme.
LONG - TERM OUTLOOK: «High levels of
policy uncertainty and regional
divergences will cause higher dispersion across and within asset classes,
in our opinion, which increases the attractiveness of active management
in both asset allocation and at the security - selection level.»
High levels of
policy uncertainty and regional
divergences will cause higher dispersion across and within asset classes,
in our opinion, which increases the attractiveness of active management
in both asset allocation and at the security - selection level.
The IMF's latest delivery of the World Economic outlook contains an interesting analysis of the current «non» recovery
in terms of a
divergence between fiscal and monetary
policy, the first between restrictive and procyclical
in nature and the second being accommodating and reinforcing a financial expansion.
Monetary
policy divergence has been a clear market theme since 2014, sparking a persistent appreciation
in the U.S. dollar.
Since the end of quantitative easing
in the U.S.
in October 2014, lackluster global economic growth and a marked
divergence among central bank
policies has led to a difference
in the real and forecast interest rates
in one country versus another.
Things started to change
in 2014, with the prospect of monetary
policy divergence.
This
policy divergence from the United States may help keep a lid on U.S. rates, at least
in the near term.
These
divergences in monetary
policy between the Fed and the BoE on the one hand and the ECB and BoJ on the other imply probable further volatility
in the currency, fixed income and equity markets.
Also
in 2015,
divergence in monetary
policies unsettled developed currency markets: the European Central Bank and the Bank of Japan continued quantitative easing programs while the Federal Reserve rhetorically led markets on a long, slow walk to the first increase
in the fed funds rate since the global financial crisis.
When it comes to the EUR / USD, monetary
policy divergence will be a key theme to watch
in 2018.
In fact, the divergences in global economic performance — one of those being that U.S. monetary policy would tighten while European monetary policy would loosen — actually look very much like an explanation for what already happened last yea
In fact, the
divergences in global economic performance — one of those being that U.S. monetary policy would tighten while European monetary policy would loosen — actually look very much like an explanation for what already happened last yea
in global economic performance — one of those being that U.S. monetary
policy would tighten while European monetary
policy would loosen — actually look very much like an explanation for what already happened last year.
The second calls for an inflation re-awakening
in the U.S. and heralds monetary
policy divergence.
Still, the combination of pushing dollar - yen higher via clear
divergence in BOJ
policy from the Fed's, combined with mounting market expectations for BOJ action might be too difficult to resist.
Were the BOJ to ease tomorrow,
divergence in monetary
policy would probably support USDJPY, thereby assisting Japanese stocks.
Our view on the major currency pairs (US dollar / euro, US dollar / yen, US dollar / Australian dollar) boils down to
divergences in global monetary
policies.
This profile is broadly
in line with that presented
in the February Statement on Monetary
Policy, though recent movements
in world oil prices are likely to introduce a
divergence between headline and underlying measures of inflation
in the short term.
The dollar rocketed higher
in 2014 - 2015 on the back of monetary
policy divergence, however I'd view the dollar's weakening
in 2016 - 2017 as a correction of this move back towards PPP levels.
«The SNB cites the likelihood of increased
divergence in monetary
policy, probably with the ECB vs the Fed
in mind, as a reason for the timing of the floor discontinuation,» said Morten Thrane Helt, senior analyst at Danske Bank.
The
divergence in US monetary
policy from those...
Against this background, we think that the
divergences in the monetary
policies of the major economies are likely to become more apparent, which could increase pressure on some central banks and magnify market volatility.
This
policy divergence will likely have ramifications for assets prices
in Europe and for bonds
in particular.
To be clear, this should not prevent the ECB from hiking rates before 2021, but the result is a «soft guarantee» and a stronger case for
policy divergence with the US, which the ECB hopes will eventually result
in currency depreciation.
This
divergence in policy makes it difficult for multinational food companies, which could theoretically be issued with many different fines.
Although the vote shows that keeping
in - line with US
policy was not a persuasive case on its own, it should be remembered that the transatlantic relationship has seen differences and
divergences before and recovered (for example, over the Falklands War).
Second, when measured by state - level
policy, the political
divergence among regions of the U.S. has become much more pronounced
in the last 20 years — as it also has
in terms of the presidential vote, among other metrics.
There is increasing
divergence with England on qualifications
policy; for example, GCSE and A-Levels will still be able to be assessed
in a modular way.
http://www.rrf.org.uk/pdf/History%20of%20Govt%20initiatives%20J%20Chew.pdf Beginning Reading: Influence on
Policy in the United States and England 1998 - 2010 Author: Beth Robins Abstract The study investigated the
divergence in beginning reading methods between the United States (US) and England from 1998 to 2010.
As it stands, developed economies are
in different stages of the cycle (Japan and Europe versus everybody else), and that is fuelling
policy divergence, which will create discrepancies
in relative valuations
in a global context.
This
divergence in economic
policy is the major factor behind a weaker euro.
There were no apparent catalysts, but some market analyst said
in hindsight that the euro's early slide may have been due to monetary
policy divergence between the ECB and the Fed.
That
divergence makes sense when you consider changing
policies in the government and among investors.
Some may argue that the
divergence issue is well discussed
in the specific literature, but the issue as I see it is the degree of certainty that other scientists,
policy makers, and lay people would conclude from the graphics.
The
divergence in the law between Australia and the U.S. serves as a reminder that case law and patent office
policies vary from country to country.
In any event, this example of legal divergence provides an interesting insight into differences between the public safety policy agendas of administrations in Westminster and Wale
In any event, this example of legal
divergence provides an interesting insight into differences between the public safety
policy agendas of administrations
in Westminster and Wale
in Westminster and Wales.
According to her, «the authoritative parent shares the reasoning with child behind her
policy... autonomous self - will and disciplines conformity is valued by the authoritative parents... (she) exerts firm control at points of parent — child
divergence but does not hem the child
in with restrictions.
Whether families turn over the reins or simply lead the horse
in a new direction, a
divergence from long - term, conservative
policy is bad news for investors.