| Shallow rallies last month attended the promise of stimulative moves from the world’s central banks, with hopes lifted at month’s start by ECB President Draghi’s pledge to do whatever it takes to save the euro, and Fed policy meeting minutes suggesting members largely inclined to believe the central bank may need, once again, to step up to the plate of aggressive monetary measures. China’s slowing growth has kept investors guessing, with Beijing steadfast in maintaining a more conservative approach in order to prevent another speculative housing bubble. Last week’s Jackson Hole speech showed Chairman Bernanke eager to protect a record of administering unconventional tools in his efforts to maintain economic growth in the US, making it clear that additional tools remain at the bank’s disposal and may be used in the futures should signs signal the economy faltering, and/or to bolster hiring, which he noted to be a “grave concern.” Mr. Draghi’s recent comments suggest Thursday’s bond-buying program is likely to focus on short-dated government debt, said within the scope of the ECB mandate. US economic reports this holiday-shortened week may tweak investors’ expectations for any QE3 announcement at the Fed’s September policy meeting, giving rise to more bad-news-is-good-news market reactions. |
发表于 2012-9-4 08:58
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