6 -10 May 2019 Vol. 10 Ed. 19
Fed should focus on winning over public
The Federal Reserve’s review of its ‘monetary policy strategy, tools and communication practices’ offers an opportunity to examine questions surrounding ‘independence’, writes Mark Sobel. One its goals should be to win over the public, rather than fascinate markets and high priests of monetary policy.
In conversation: Richard Berner
Mark Sobel, US chairman of OMFIF, speaks with Richard Berner, former director of the US Treasury office of financial research. They discuss financial stability and the issue of data, including the standardisation of data, better data transparency, and continued monitoring.
Spanish economic outlook
Despite political uncertainty, economic growth in Spain has seen a 0.7% quarter on quarter increase, in line with its average rate following the euro area crisis. Nadia Calviño, Minister of Economy and Business, Spain, will set out a course to maintain economic resilience.
OMFIF extends US and Asia operations
Patricia Haas Cleveland, a New York banker with wide public and private sector experience, has become president of OMFIF’s operations for North America.
Melbourne-based Mark Burgess, former managing director of the Australian Future Fund, will become OMFIF’s Asia Pacific chairman in July.
‘It’s still the economy, stupid’
The campaign mantra it’s ‘the economy, stupid’, first coined in 1992 by President Bill Clinton’s strategist, James Carville, is still critically important in US electoral politics.
If the US economy remains strong between now and November 2020, the Democrats will find it hard to unseat President Donald Trump.
Economic outlook and challenges for East Asia
Hoe Ee Khor, chief economist at the Asean+3 Macroeconomic Research Office, will discuss the economic outlook and challenges for East Asia.
These include regional economic integration and the impact of China’s economic slowdown, and developments in the region’s financial markets.
Analysing modern monetary theory
Robert Hockett, Cornell Law School professor and Bernie Sanders’ presidential campaign adviser, and Thorvald Grung Moe, former special adviser at Norges Bank, join OMFIF’s Pierre Ortlieb.
They discuss the legal roots of MMT, theories of credit money, and the sectoral balances approach, among other things.
Global financial stability risks
The global economy faces many risks, from political instability and economic uncertainty, to trade disputes and high inflation in some emerging markets. Fabio Natalucci, deputy director of the International Monetary Fund’s monetary and capital markets department, will outline the current and future risks.
Powell parries inflation questions
Speaking to journalists after the most recent meeting of the FOMC, Fed Chair Powell affirmed his view that the recent dip in inflation was due to ‘transitory factors’.
He was at pains to dispel the notion gaining ground in markets that the Fed was contemplating a cut in rates, writes Darrell Delamaide.
Safeguarding EU financial stability
While the UK continues Brexit negotiations, risks remain of an exit without an agreement. Steven Maijoor, chair of the European Securities and Markets Authority, will discuss policies to prepare to mitigate risks to the stability of the European Union financial system and investor protection.