April 2015 Flash Report

Global monetary policies and economic growth rates continue to diverge. The Fed haltingly prepares to raise interest rates while the European Central Bank and the Bank of Japan pursue easing strategies intended to inflate risky asset prices and devalue the Euro and the Yen. Low oil prices and the strong US dollar damage commodity exporters and impede US growth as traders increasingly pile into similar bets. In this environment, sharp price swings and volatility will increase because investors are challenged to handicap, let alone value, the efficacy of these unconventional monetary policies even as the policies distort exchange rates and push the prices and returns of risky financial assets higher.

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