Edward Altman says the benign credit cycle is in “extra innings,” but the metaphorical relief pitchers — central bankers — are running out of gas. Though most indicators point towards the end of the benign cycle, Altman cannot predict when the stress cycle will begin.
Interest rates are nearing a lower bound, David Schawel, CFA, tells Will Ortel during a recent Take 15 interview. “Most likely we’re not going to be in a 30-year bull market for interest rates falling again,” he said. So what does this mean for fixed-income investors?
What's the cause of the current global economic malaise? Lord Adair Turner believes it all comes down to debt. His proposed solution? Helicopter money, or what he prefers to call "overt monetary finance of increased fiscal expenditure."
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JPMorgan Asset Management has launched an exchange-traded fund that gives exposure to developed markets outside North America. The JPMorgan BetaBuilders International Equity ETF is linked to the Morningstar Developed Markets ex-North America Target Market Exposure Index. ETF (05 Dec.)
European officials are divided on the best way to proceed toward a banking union. EU Economy Commissioner Paolo Gentiloni calls Germany's proposal unacceptable, while Italian economy minister Roberto Gualtieri says Italy will make its own proposal. Financial Times (subscription required) (05 Dec.)
Dutch Finance Minister Wopke Hoekstra has called on the EU to form a common agency to combat money laundering. "Those who think that this problem is mostly a problem that is linked to some of the banks in some of the countries are up for a rude awakening," Hoekstra says. BNN Bloomberg (Canada) (05 Dec.)
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