central banks

Stock Prices Have An Alibi

August 12th, 2016|by Michael Ashley Schulman, Perspectives, The Big Picture|

Unicorn AlibiSummary:

  • High and low markets provide similar anxieties
  • European banks remain a source of Bear Stearns type risk
  • LIBOR rates are rising even as central banks keep their own rates low
  • Nonetheless, earnings determine asset […]

In the US and euro area a number of global bourses hit all-time highs

March 30th, 2015|by Michael Ashley Schulman, Perspectives, The Big Picture|

In the US and euro area a number of global bourses hit all-time highs in the first quarter. Europe led the pack, as sovereign quantitative easing (QE) was a catalyst to unlock value. Not only are euro area equities (particularly export and real estate related sectors) finally responding to a cheapened euro and zero interest […]

Central banks are ripe to exit a period of unprecedented monetary ease

December 31st, 2009|by Michael Ashley Schulman, Perspectives, The Big Picture|

Entering 2010, perception is that Central banks are ripe to exit a period of unprecedented monetary ease. Governments in Japan, Europe, and the U.S. will issue historically high levels of debt, parts of the emerging market will face fresh real estate and equity market highs, and the U.S. will hold important midterm elections which will […]