Monthly Market Report - August 2018

1st August 2018


A few weeks ago, I visited an excellent investment event – the Amundi World Investment Forum. Headline speakers always tend to include the great and the good of economics, politics and central banking. This years line up was especially strong, featuring a headline interview with a certain Janet Yellen, ex boss of the US Federal Reserve. There were no great revelations from her chat but it did get me thinking that in the great tsunami of Trump tweets, the US Federal Reserve has got off lightly. This very radical president is clearly determined to upend many hallowed conventions, not least on trade. What happens if he turns his fire on boring, technocratic central bankers? In fact, let’s be very specific here. What happens if the Fed over reacts and pushes up rates too aggressively in the next year or so – to prove its hawkish, independent credentials. This could cause a scare which could slow down Making America Great Again.

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