Global
Top Economic Reports
February 25, 2013

By Global Economic Team|

Sunday Start What Next in the Global Economy It's been a long week packed with client meetings on the wintery US East Coast. Outside it was frosty, but in the meeting rooms I felt the warm embrace of the consensus. Almost everybody is bullish on equities (and increasingly positioned accordingly), neutral on bonds and bearish on the yen. I got hardly any pushback on my three reasons for thinking that the macro landscape in 2013 will be relatively favourable for risky assets. As I explained in more detail last Sunday, the global business cycle has started to turn up, global and intra-European economic rebalancing is progressing nicely and - despite these improvements - the great monetary easing is likely to continue on a global scale as a result of what looks like a regime change in Japan's monetary policy that will force many other central banks to remain or become even more expansionary in order to prevent excessive exchange rate appreciation. Joachim Fels 

The Global Macro Analyst: The Great Monetary Easing Part Three Observing central banks' recent actions and talk around the globe makes it increasingly likely that we are about to witness the third instalment of the 'Great Monetary Easing' that started to play out when the credit bubble burst five years ago. Joachim W Fels