Instability at the Fed
Comment of the Day

April 18 2019

Commentary by Eoin Treacy

Instability at the Fed

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Eoin Treacy's view

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There is a consensus view among bond fund managers that the ability of Fed to ease in the next recession will be constrained by the zero bound. That is supported by the belief it has nowhere near as much room for easing as it had in other cycles. In turn that will create the much foretold “pushing on a proverbial string” where efforts to stoke inflation and asset prices will be ineffectual.

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