Markets give the Fed the benefit of the doubt – but there is doubt

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The inflation scare on the back of April’s CPI ‘blowout’ appears to have abated somewhat. A concerted effort from key Federal Reserve speakers, who have sought to cast any inflation

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28 May 2021

Deliver us from COVID but lead us not to inflation

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The outlook for global and Australian markets is positive, according to GSFM and its fund manager partners Munro Partners and Tribeca Investment Partners. They say markets are supported by easy

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20 Jan 2021

RBA eschews further monetary stimulus – where to now?

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Not surprisingly at yesterday’s Board meeting the RBA eschewed the application of any further monetary stimulus following the announcement of a comprehensive array of measures in November. However, it reiterated

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02 Dec 2020

US equity markets are close enough to historic highs. Are things really that good?

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Equity markets appear to have convinced themselves that a Biden Presidency with a Democratic House and a Republican Senate is a ‘goldilocks’ scenario. Certainly, encouraging news on the vaccine front

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20 Nov 2020

Inoculating markets from economic influenza – investing in a post-COVID world

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Economic uncertainty existed before the COVID-19 pandemic, but investment performance depends on more than economic fundamentals, according to GSFM and its fund manager partners Payden & Rygel, Munro Partners and

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30 Jul 2020

RBA continues to eschew a negative rates policy

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While acknowledging the severe damage to the economy from the COVID-19 crisis and the now elevated potential risks of ‘second wave’ COVID-19 infections, the Governor and RBA Board continue to

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09 Jul 2020

Volatility stirs as fears grow over a ‘second wave’ and IMF downgrades global growth outlook

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Key points: Market sentiment has turned negative on concern that the spreading coronavirus could force policy makers to slow the pace, or reverse, business re-openings. The International Monetary Fund downgraded

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26 Jun 2020

GSFM’s Stephen Miller comments on the Federal Reserve June statement

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Fed forecasts no increase in rates until at least the end of 2022 The Federal Reserve projected interest rates will remain near zero through 2022 with the Fed’s ‘dot plot’ revealing a

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12 Jun 2020

Whatever it takes

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This is a ‘whatever it takes’ moment for Australia and, indeed, the rest of the world. Former RBA Governor Glenn Stevens’ had a dictum: “first do no wrong”. In the

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23 Mar 2020

Bumper 2019 precipitates more benign year ahead

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The unexpected equity market returns of last year are unlikely to continue over the coming 12 months and, against the backdrop of protracted geopolitical concerns, a more benign, muted environment

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15 Jan 2020