Après un « ajustement de milieu de cycle » l’an dernier, la Fed devrait se montrer attentiste en 2020. Qu’est-ce que cela signifie pour les marchés ? Voici les explications de l’équipe Global Liquidity.
The FOMC lowered the target rate by 0.25% on October 30th, its third rate decrease of the year. However, it appears likely that the Fed will pause and make no further rate adjustments until a “material change” in economic data dictates a change in policy.
U.S. Fed Chairman Jerome Powell cut rates in September, consistent with his policy commitment to “sustain the economic expansion.” Similarly, European Central Bank President Mario Draghi reduced the deposit rate and initiated a 20 billion euro per month stimulus package, based on concerns stemming from global trade tensions and Brexit fallout.
Against a backdrop of muted inflation pressures and escalating U.S.-China trade tensions, investors fled to government securities in August as central banks prepared for additional rate cuts to support a slowing global economy.
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