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INSIGHTS THAT MATTER

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Delusional

Published Mar 30, 2020

• Despite last week’s rally in the equity market we see risks substantially to the downside • Remember that COVID-19 has only laid bare the problems of the global economy • We see no quick and easy way out of the challenges facing the markets • Listen to the medical specialists – the virus will…

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Monetary Policy Update

Published Mar 27, 2020

RBI Unveils Many Arms from Its Arsenal ‘Whatever it takes’ was given a whole new meaning today by the Reserve Bank of India (RBI). It fired from every barrel to support the economy in its fight against slowdown triggered by the Covid19 pandemic. Interest Rates: The repo rate was slashed by 75 bps to 4.40%…

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Broad Panic – But Finally Meaningful Policy Action

Published Mar 23, 2020

• Market panic in full flow • However, policymakers are well engaged and starting to deliver scale intervention • Economists at a loss to understand the true scale of the likely recession • Fear of massive deleveraging particularly amongst corporates • Policymakers need to work hard to mitigate mass unemployment • Bonds are better supported…

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Panic has no bounds

Published Mar 16, 2020

• Panic in the financial markets prompts policymakers to accelerate their efforts to support the global economy • Fed cuts rates to near zero and provides $700bn of further liquidity – but equities are limit down • Governments will need to expand fiscal policy substantially to replace the collapse in economic activity • Global growth…

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