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Video: Will Markets Inevitably Swamp Global Monetary Policy?

Video: Will Markets Inevitably Swamp Global Monetary Policy?

2015-01-20 21:55:00
John Kicklighter, Chief Strategist
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Talking Points:

• Global stimulus and central bank balance sheets have ballooned to records over the years

• Despite exceptional support from the likes of the Fed, BoJ and ECB; cold economic winds are returning

• With a market heavily exposed and dependent on complacency (low volatility), the risks are universal

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The IMF downgraded its 2015 and 2016 global growth forecasts this past session. In itself, not a dire development. However, when we put it into context with the various financial market and economic elements converging; the risks of a systemic shift become far more tangible and concerning. As global growth slows steadily, the low tide increasing exposes the extended position of both central banks and market participants. While there is more room for unorthodox accommodation - and the ECB is likely to announce an upgrade this quarter, if not this month - subsequent efforts will not command the same impact. Meanwhile, risk exposure has grown to excessive levels amongst investors as low yields resultant from policy have forced them into greater risk. With events like the SNB's failed policy effort, oil's collapse and upcoming ECB and Fed decisions at hand; the possibility of catalyzing these troubled conditions builds. We discuss monetary policy and market confidence in today's Strategy Video.

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