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Federal Reserve meetings are rarely, outside of an immediate crisis, especially tense for market participants. Whilst On Global Markets has noted – more than once – that the market implied path of policy rates is rarely a useful guide to actual police outcomes over the medium to longer term, investors usually have a good handle […] 

 

This installment of the FTxBooth US Macroeconomists Survey examines a likely soft landing for the US economy. The summary results are below and you can read the Financial Times article here, subscription required. View the results of this survey >> For social media: Please use the hashtag #FTxBooth when referring to the FT-Booth US Macroeconomists […] 

Go back two or three decades and private credit was a small and rather niche segment of the financial ecosystem. If firms wanted to raise debt finance they generally either borrowed from a bank (either from a single institution or from a collection of entities via a syndicated loan) or raised the money on public […] 

This Finance survey examines (a) Concerns about the environmental impact of companies are substantially better resolved by shareholder activism towards management than by regulations or government intervention; (b) Concerns about diversity, equality and inclusion within companies are substantially better resolved by shareholder activism towards management than by regulations or government intervention 

This Finance survey examines (a) The large increase in the market for private credit as a substitute for bank finance substantially reduces systemic risk; (b) The growth in private credit is substantially higher because of regulations that disincentivize banks from lending to below investment grade private businesses

  

This European survey examines (a)  In pursuing social and environmental initiatives, the average public company generates more benefits than costs in terms of profits, (b) In pursuing social and environmental initiatives, public companies would benefit from a measurably lower cost of capital, (c) There are substantial social benefits when managers of public companies make choices that account for the impact of their decisions on customers, employees, and community members beyond the effects on shareholders 

This US survey examines: (a) Giving the President more direct influence over monetary policy would lead to substantially worse monetary policy decisions; (b) Imposing tariffs results in a substantial portion of the tariffs being borne by consumers of the country that enacts the tariffs, through price increases; (c) There is little empirical evidence that price gouging is causing high grocery prices; (d) Widespread use of price controls creates substantial economic distortions

  

Economics found itself back in the headlines in the United Kingdom this week. This time around though the issue was – thankfully – not declining standards, a slide in the value of sterling, or a near-crisis in government debt markets, all things with which British newspaper readers have become familiar with over the past two […]