Roberts Nash Advisory Group

Morning Comment: Global Monetary Easing

All in all, a growing number of central banks are either opting to maintain monetary stimulus or add to it. The central banks of several emerging markets in Asia and south America have eased policy in recent weeks (see zones in blue on the map below). Globally, monetary policy has thus eased since September. Under these circumstances, some modest PE expansion may actually still be possible for some equity indices. The U.S. FOMC will be meeting this week to decide on interest rates. Though no hike is expected, it will be interesting to see if Mr. Powell will be providing some form of guidance on rates and the Fed’s balance sheet. But central banks’ interventions are not a sufficient condition to ensure global growth of 3.5% in 2019 (our forecast). We also need to hear positive news from the Chinese-U.S. trade negotiations that will be held this week (Wednesday and Thursday) in Washington.  Full Comment


** I have prepared this commentary to give you my thoughts on various investment alternatives and considerations which may be relevant to your portfolio. This commentary reflects my opinions alone, and may not reflect the views of National Bank Financial Group. In expressing these opinions, I bring my best judgment and professional experience from the perspective of someone who surveys a broad range of investments. Therefore, this report should be viewed as a reflection of my informed opinions rather than analyses produced by the Research Department of National Bank Financial **

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