Overview: The Federal Reserve and central banks in the Asia Pacific region acted forcefully, but were unable to ease the consternation of investors. The Reserve Bank of New Zealand cut key rates by 75 bp. The Bank of Japan appears to have doubled its ETF purchase target to JPY12 trillion, and the Reserve Bank of …
Overview: The Fed rate cut that many had expected before the US equity markets opened yesterday failed to materialize, but the focus shifted to a possible coordinated G7 action as early as today. A conference call with the G7 finance ministers and central bankers, led by this year’s G7 head, US Treasury Secretary Mnuchin, is slated …
A Bloomberg article about the weekend G7 meeting says, “multilateralism is dead.” An op-ed in the Financial Times suggests that the most important political alliance may be “rejuvenated” at the G7 meeting. The truth is likely found somewhere in between. Economic nationalism, personalities of (some of) the leaders are not conducive to deepening or broadening …