QE

My opinion: Draghi may have disappointed markets, but he pleased Yellen and the Fed

December 3rd, 2015|by Michael Ashley Schulman, Perspectives, The Here and Now|

ECB faces2Mario Draghi’s European Central Bank (ECB) announcements on the morning of December 3, 2015, while stimulative, nonetheless underwhelmed the market; but that does not mean that they were not well thought out.  The market’s disappointment, along with its consequential same-day rally of the […]

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 […]

Additional U.S. monetary stimulus

September 30th, 2010|by Michael Ashley Schulman, Perspectives, The Big Picture|

Additional U.S. monetary stimulus beginning with the November 2–3 Federal Open Market Committee (FOMC) meeting is a foregone conclusion. Policymakers have openly discussed ways to counter the downtrend in inflation expectations and revive economic growth, including an inflation target, a price level target or a nominal income target. These “open mouth operations” have been rewarded […]