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Video: Monetary Policy Limitations Are Spilling Over to Risk Appetite

Video: Monetary Policy Limitations Are Spilling Over to Risk Appetite

2015-09-21 23:00:00
John Kicklighter, Chief Strategist
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Talking Points:

• When the Fed started to taper its QE3 program and then cap it, US equity markets began to level out

• Global stimulus efforts are starting to lose their muscle and confidence in their influence is fading quickly

• Will compensation for the Fed's withdrawal by its counterparts make up for a dimming confidence in QE?

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Sentiment as seen through capital market benchmarks has been in retreat since the beginning of the year. However, the connection between flagging risk appetite and the limitations of monetary policy as a driver has only grabbed investors' attention recently. The Fed's recent decision to hold and the subsequent lack of enthusiasm from normally responsive markets like US equities made that divergence material for those still comfortable with complacency. While other major central banks - like the ECB, BoJ and PBoC - will attempt to compensate for the Fed's withdrawal, they will struggle to replace the bleeding confidence. Not just on a notional basis, but more so on the pure sentiment view due to transmission limitations and the current exposure of risk. We look at the connection between these major fundamental themes in today's Strategy Video.

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