First, let’s start with an apology: All too often this year our notes have focused on the U.S. Federal Reserve, or global monetary policy in general. In our defense, as the global economy becomes more dependent on debt, in all its forms, the importance of servicing that debt cannot be overstated. Moreover, as fiscal policies have become exhausted in an era of European austerity and U.S. Congressional dysfunction, the role of monetary policy has been magnified. Until recently, we have been fairly optimistic concerning the Fed’s ability to navigate the course to higher rates. We are less so today.
30 October 2015, by
David Lafferty
