Helicopter money

Economics

Small beer

Skip to the third minute to hear my thoughts ahead of the UK Chancellor’s first Budget. We didn’t expect much in terms of stimulus, with the Chancellor choosing to keep his powder dry for any Brexit-related downturn in the future.

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Strategy

A postcard from Tokyo

Japan is a fascinating country. Its culture, people and cuisine are just as intriguing as its unconventional policies. Here are my key takeaways from a week of meeting policymakers, academics, investors and analysts.

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Strategy

When the satnav’s broken, dust off your roadmap

Monetary policymakers are often described as heading into “uncharted territory”. The latest example is the Bank of Japan’s decision to introduce a target for ten-year yields. You won’t find a precedent of this policy in recent history. But the territory is not totally uncharted: we saw something very similar in the USA roughly seventy years ago.

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Portfolio Thinking

What could Maybenomics mean for investors?

On the one hand investors can position themselves for the expected announcements of increased fiscal spending in the UK, while and on the other, the majority of the pound weakness is behind us.

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Macrobites

Look at me, look at me!

The market has brushed aside the latest apparent tinkering from the Bank of Japan, but if the fiscal authorities choose, this latest step could usher in a significant reflation.

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Strategy

Let's get fiscal!

Imagine you're in Theresa May's shoes, what would you do? Fiscal stimulus ticks a lot of boxes. With the UK taking a step towards helicopter money, who benefits?

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Strategy

Will helicopters fly us into the sunset?

Holidays often give you perspective. I write this blog post while enjoying a sunset looking out over the plains of the West Cape in South Africa. With calls for increasing fiscal leniency potentially growing louder, we believe that we are already on the way to helicopter money. If this proves to be the case, what could the implications be for different asset classes?

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