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The tapering sequence: debate, announcement, execution
Regarding the Fed's asset purchases, we must distinguish between substance and communication. An economy in full recovery mode, without financial stress, with strong fiscal support, no longer needs to be flooded with additional liquidity. The Fed has good reasons to reduce/stop its asset purchases, but also good reasons not to act in haste at the risk of causing an overreaction (as in 2013). According to the New York Fed survey, the market anticipates the start of tapering in ear...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Bruno Cavalier
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