Nu kommer investorerne til at mærke de pengepolitiske stramninger, hedder det i den seneste podcast fra Saxo Bank. Stramningerne kommer væltende ned over os. Det viser især referatet fra den amerikanske centralbank. Den amerikanske stramning betyder, at likviditeten reduceres med op mod 2,5 trillioner dollar. Hvis der sker en hurtigere stramning, kan det blive farligt for aktiemarkederne, skriver Saxo Bank.
The great twin tightening is barreling down on us
Summary: Today we look at the continued pressure on risk sentiment after the FOMC minutes show the Fed discussing a rapid pace of quantitative tightening that is set to phase in after the May 4 FOMC meeting and, together with US treasury net issuance, will mean an annual run rate of $2-2.5 trillion in liquidity tightening for financial markets.
Financial conditions have been responding accordingly, a dangerous development for equity markets if the tightening continues apace.
The US dollar has jumped back higher over the last couple of sessions against riskier currencies and the oil market may be responding to that as well as to demand reductions from Chinese lockdowns and an incoming flood of supply from further reserve releases.
Copper, Facebook and more on yesterday’s pod, which features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.