Sell GBP !!
Central banks around the world have experienced a “failure to launch”. And by “failure to launch”, I do not mean the decision by some thirty-somethings to remain living with their parents – as parodied in a 2006 movie of the same name. Instead, I mean the inability of central banks in almost all developed countries to launch interest rates off the emergency levels adopted in response to the Global Financial Crisis. Why are interest rates still near zero in so many countries – even though it has been almost nine years since the peak of the crisis? Why is so much monetary stimulus still believed to be ... (full story)