Central bankers would be wise to continue their interest rate hikes, writes Martin Pelletier. Read more
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The problem, however, is that markets appear to be dominated by momentum traders, speculators and algos, which are combining to drive exaggerated daily moves, both up and down. Fundamentals, unfortunately, are getting thrown out with the bathwater as markets gyrate based on whether some moving average has been broken to the upside or downside or on what the latest tea leaves tell us about the Fed’s determination to raise rates, despite the tantrums of the QE addicts who continue to warn tightening could spark another financial crisis.
This is where it helps to take a step back, take a deep breath and ask ourselves if moving interest rates to 2.5 to three per cent is really the end of the world, especially if it helps bring down some of the inflationary pressures.
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