THE LAND OF LOW YIELDS
Monetary policy in its current form has less firepower than ever before. Despite a decade of extremely accommodative monetary policy, global economic growth and inflation since the Global Financial Crisis (GFC) have been relatively subdued. During this time, cash rates have been at all-time lows and central bank balance sheets have multiplied.
All aboard the digital infrastructure autobahn
This month’s feature article provides an overview of the general characteristics of investing in fibre networks, looks at the rollout of fibre generally across Europe, and takes a deep dive into the German market as a more detailed example of how the fibre investment landscape is changing.
Modern Monetary Theory - Money For Nothing
This month’s feature article discusses the notion of Modern Monetary Theory. We explore flaws in current monetary policy approaches, the potential implications of the introduction of MMT, and assess whether MMT could really ever become a mainstream economic policy.
The Unequal State of America
In last month’s article, we discussed whether the years in the lead-up to the Great Depression provided a precedent for what we are witnessing in markets today. In the latest edition of our thought leadership articles we set out our view on the current state of investment markets.
The Precedent Of The Great Depression
So far, 2019 has marked a year of stark turnaround by the US Federal Reserve (the Fed). From December 2015 to December 2018, the Fed raised rates 10 times, from its all-time low of 0% to a target range of 2.50-2.75%. At the end of 2018, the Fed was forecasting at least two further rate increases in 2019. By mid-2019, the Fed had not increased rates further, but rather delivered a 25 basis point rate cut at its late July meeting. What caused this sudden change of heart?
Understanding the Risks and Challenges of Investing in Renewables
Whitehelm’s latest Thought Leadership article explores the key risks in renewable generation assets for investors and ways these can be addressed. The article presents case studies from a number of countries where sudden changes to the regulatory environment have impacted the viability of renewable energy projects.
Listed Infrastructure Versus Listed Property - A Defensive Equity Showdown
Listed infrastructure and listed property funds hold similar underlying assets to their unlisted counterparts. Despite this, the return and volatility profiles of listed versus unlisted real assets are different.