What will the Fed do next?

LGT says if rates peak at 5.50%, the global economy can still motor along.

In the early months of Federal Reserve Chairman Ben BernankeƆs tenure, the former economic adviser to President George W Bush is walking a tightrope as he wrestles with a pick-up in inflation driven by higher energy and commodity prices. Equity investors will be hoping he retains his balance at the levers of US monetary policy as too much tightening will slam the brakes on the economy, hurting equities, and too little will see inflation and long-term bond yields rise sharply....

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