The Global Fiscal Panic - Q3 Outlook

I know it's bad form to praise your own publications, but I have to say this Quarterly Outlook is one of the best ever by Saxo's Strats-team. The look, feel and most important topic is right on cue and this in a week which to me will define macro for years.

 

https://www.home.saxo/-/media/documents/quarterly-outlook/q3-full-report-2019.pdf

 

 

 

 

The political appointment of Legarde as ECB President secures more "invasion of markets" and feeds directly to more ZIRP and MMT which she directly and indirectly have supported last five years, meanwhile Donald Trump nominates Ms. Shelton and Mr. Waller to the Fed board – both advocating Fed to aggressively cutting interest rates and finally Mr. Trump is heating up on using the mighty dollar as a weapon (read: forcing dollar lower)

 

This is a massive endorsement of what we feared: MMT and intervention..

 

There are three moving parts now:

 

1. The pressure on central banks to embrace government financing – Read our OUTLOOK!
2. The weaponization of the Dollar – Read out Outlook
3. The disruption of both supply chains and globalization leading to inflation low at the very time when its pronounced dead by central banks..

 

 

In other words,

 

Print, download, read please -any and all comment more than welcome, because we don't know the future, but we have a strong feeling of the direction 😊

 

https://www.home.saxo/insights/content-hub/articles/2019/07/04/q3-outlook-the-global-fiscal-panic

 

https://www.home.saxo/insights/news-and-research/authors/steen-jakobsen

 

https://www.bloomberg.com/news/videos/2019-07-04/fiscal-push-is-coming-in-europe-saxo-bank-s-jakobsen-says-video

 

 

Med venlig hilsen  |  Best regards
Steen Jakobsen  |  Chief Investment Officer

 

Saxo Bank A/S  |  Philip Heymans Allé 15  |  DK-2900 Hellerup
Phone: +45 39 77 40 00  |  Direct: +45 39 77 62 23  |  Mobile: +45 51 54 50 00

 

 

 

PS:

 

https://www.cato.org/cato-journal/springsummer-2018/case-new-international-monetary-system

 

This link to Ms. Shelton is a MUST read for anyone who wants to understand the next evolution of a Trump - FED

 

 

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