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Central banks should know by now that you cannot have negative interest rates with low bond yields and strong growth. One or the other. Central banks have chosen low bond yields at any cost, despite all the evidence of stagnation ahead. This creates enormous problems and perverse incentives. It is not a surprise that markets have bounced aggressively, driven by the tech sector, after a slump based on concerns about the pace of economic growth. Stimulus package effects are increasingly short, and this was pretty evident in the poor figures of industrial production and the ZEW survey gauge of expectations. The same can be said about a weakening ISM index in the United States. United States ISM Services PMI came in at 60.1, below expectations (63.5) in June, precisely in the sector where the recovery should be strongest.

United statesDaniel lacalleEuropean central bankEnergy world isIe business schoolCentral bank trapEnergy world is flatFinancial marketsஒன்றுபட்டது மாநிலங்களில்ஐரோப்பிய மைய வங்கிஆற்றல் உலகம் இருக்கிறதுஅதாவது வணிக பள்ளிமைய வங்கி பொறிஆற்றல் உலகம் இருக்கிறது தட்டையானதுநிதி சந்தைகள்