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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A shift to the Sterling Overnight Index Average from Libor as a reference rate for loans is going slowly because nobody in the private sector is leading the transition, executives say. Practice Insight (22 Aug.)
Establishing an EU-wide supervisor for money laundering and creating a system for direct supervision of cloud services that Amazon and IBM provide banks are among issues the next European Commission is expected to take up, an EU document reportedly shows. The commission might also consider toughening requirements for UK banks that want access to the single market after Brexit. MLex (subscription required) (22 Aug.)
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