The Fed remains primarily focussed on inflation containment – 2023 will be a year of slow growth

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US Federal Reserve (the Fed) FOMC minutes Last night’s release of the US Federal Reserve’s (the Fed’s) ‎Federal Open Market Committee (FOMC) meeting minutes indicate that the Fed remains primarily

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24 Feb 2023

Lowe’s woe

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2022 may have been an annus horribilis for RBA Governor, Philip Lowe. And so far 2023 doesn’t seem to be much better. In the last week he has been pilloried

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17 Feb 2023

Deglobalisation and its impact on world markets (Part two)

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Deglobalisation implies a regime change, with trend increases in capex and the labour share, as well as a higher cost of capital, lower potential growth and greater government involvement in

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06 Feb 2023

Promising signs for markets but inflation still the big unknown

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Local and global equity markets – in particular Chinese and Asian equities – are positioned well for 2023, but inflation is the joker in the pack for investors, according to

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25 Jan 2023

Deglobalisation and its impact on world markets (Part one)

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Deglobalisation will have broad impacts on supply chains, company earnings and markets. All is explained in this article from GSFM’s investment partner Epoch Investment Partners. Globalisation’s golden age began around

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23 Jan 2023

Wages growth to challenge the “Australian exceptionalism” narrative and FOMC meets next week

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Reserve Bank of Australia (RBA) raises 25 basis points as expected. Wages growth to challenge the “Australian exceptionalism” narrative. Upside risk to market pricing of the RBA policy rate. As

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09 Dec 2022

Trend following strategies in an inflationary environment

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Trend following strategies capture upward and downward trends in traditional markets, which has made such strategies popular alternative investments for financial advisers looking to diversify client portfolios. This article from

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01 Dec 2022

Monetary policy, wages and Australian economic “exceptionalism”

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One has to feel a little bit of sympathy for RBA Governor Philip Lowe. Some straightforward and economically incontestable commentary regarding wage growth and inflation and the desirability of linking

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28 Nov 2022

Fed FOMC minutes: smaller steps to a higher peak; Fed and markets aligne

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Wednesday night’s release of the Federal Reserve’s (Fed) FOMC meeting minutes indicate that the Fed and financial markets are close to alignment on their expectations for peak policy rate of

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25 Nov 2022

A tale of two central banks and Australian labour force data expected to show continued tight labour market conditions

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A tale of two central banks The Federal Reserve (Fed) Last week’s release of the US October consumer price index (CPI) and this week’s release of the US October producer

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18 Nov 2022