I Saxo Banks podcast i går henviste banken til den tidligere amerikanske finansminister, Lawrence Summers, der mener, at den amerikanske centralbank skal gribe langt hårdere ind over for inflationen. Centralbanken må bruge det, man kalder “The Volcker Moment”, hvor en tidligere centralbankchef gennemførte meget barske rentestigninger for at slå inflationen ned. Den japanske yen er styrtdykket på grund af rentestigningerne.
Podcast: Yen spinning into the abyss on rising global yields
Summary: Today we look at a fresh pop in global yields helping to drive a sentiment shift lower, although financial conditions have yet to show any fresh unease. We also look at the Lawrence Summers Group arguing that rents are a key inflation driver and that inflation risks becoming unanchored, requiring a real “Volcker moment” for the Fed to get ahead of the curve.
Elsewhere, high energy prices are an important market risk, while metals are stumbling after a big pull higher in copper last week. In FX, the JPY is spinning into the abyss on the rise in global yields while sterling is in focus after Boris Johnson survived a leadership vote. This and more on today’s pod, which features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.
Listen to today’s podcast – slides may also be found here.
Follow Saxo Market Call on your favorite podcast app:
