Are Central Banks Behind The Curve Or Ahead Of It?

The Fed is behind the curve in raising rates, as is the Bank of Canada, the Reserve Bank of Australia, the Reserve Bank of New Zealand, and the Swedish Riksbank. In contrast, the Bank of Japan, the ECB, and the Swiss National Bank have little need to tighten monetary policy.

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Where Next for Policy, Profits, and Prices?

The world’s largest central banks are signaling a coordinated retreat from emergency level monetary policy settings:

1) Does this pivot reflect stronger global growth or will it prove immediately restrictive?
2) To what extent will earnings growth allow global equity markets to keep rolling with the political punches?
3) What signposts should investors watch for a signal that it’s time to de-risk portfolios?
4) Given the recent shift in monetary policy bias, how should investors position fixed income allocations?

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