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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

A 'buy everything' rally beckons in the world of yield-curve control

By cpowell
Created 2020-06-21 16:19

Buy everything except the dollar, that is.

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A 'Buy Everything' Rally Beckons in World of Yield-Curve Control

By William Shaw and Todd White
Bloomberg News
Sunday, June 21, 2020

As central banks pump trillions into the world economy, investors are setting their sights on what could be the next big thing in global monetary policy: yield curve control.

The strategy, which involves using bond purchases to pin down yields on certain maturities to a specific target, was once deemed an extreme and unusual measure, deployed only by the Bank of Japan four years ago after it became clear that a two-decade deflationary spiral wasn't going away.

... Dispatch continues below ...


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No longer. This year the Reserve Bank of Australia adopted its own version. And despite officials' attempts to cool it, speculation is rife that the U.S. Federal Reserve and Bank of England will follow later this year.

Should yield curve control go global, it would cement markets' perception of central banks as the buyers of last resort, boosting risk appetite, lowering volatility, and intensifying a broader hunt for yield.

While money managers caution that such an environment could fuel reckless investment already stoked by a flood of fiscal and monetary stimulus, they nonetheless see benefits rippling across credit, equities, gold, and emerging markets.

"It depends on the form and the price but broadly speaking it's the green light to carry on with the QE trade -- buy everything regardless of valuation," said James Athey, who manages $3.1 billion at Aberdeen Standard Investments in London. ...

Lower rates in the U.S. could weaken the dollar and help riskier currencies like the South African rand and Mexican peso. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-06-21/a-buy-everything-rall... [2]

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with great GATA-label wine

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Support GATA by purchasing
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Source URL:
http://www.gata.org/node/20233