Thought Leadership Research

On a monthly basis, Whitehelm publishes proprietary research on current macroeconomic or financial market issues, and addresses the potential implications and opportunities for clients as the issues relate to their investment portfolios

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The Precedent Of The Great Depression

The Precedent Of The Great Depression

September 2019

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?

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