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US election: What does the result mean for monetary policy?

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first_imgThe US Federal Reserve (Fed) is expected to delay its next interest rate hike following Donald Trump’s victory in the presidential election, according to asset managers.Trump’s scathing remarks about Fed chair Janet Yellen earlier in his campaign have caused some commentators to speculate the membership of the Federal Open Markets Committee – which sets monetary policy – may change in the near future.Dominic Rossi, global CIO for equities at Fidelity International, said the probability of a December rate increase “has fallen sharply” following today’s shock result.“The dollar, which has been trending higher in anticipation [of a Hillary Clinton victory], has consequently reversed,” he added. “Both were threats to the bull market, and these have now been postponed. Monetary policy will remain accommodative.”Ian Kernohan, economist at Royal London, agreed the Fed might delay its rate hike.He added: “Trump’s fiscal stimulus plan would be supportive for US economic growth.“However, with trend growth lower thanks to a productivity shortfall and structural demographic pressures, it is difficult to see the US economy growing much more rapidly without running into overheating inflation and a more hawkish Fed.”However, not all commentators believed December was off the table.Mark Dowding, co-head of investment-grade debt at BlueBay Asset Management, argued that the US economy “retains reasonable momentum and, … if US asset markets stabilise, the Federal Reserve remains likely to raise rates in December”.In the run-up to the election, Trump attacked the Federal Reserve and Yellen in particular for being “political” and bowing to pressure from president Barack Obama.In an interview with CNBC in September, Trump said: “[The interest rate] is staying at zero because [Yellen] is obviously political, and she’s doing what Obama wants her to do …. They’ll keep them down even longer … because they want to keep the market up so Obama goes out and the new person that becomes president, let him or her raise interest rates and watch what happens.”Stefan Kreuzkamp, CIO at Deutsche Asset Management, warned that this rhetoric could mean “closer congressional oversight” of the Fed, which could limit its ability to act in the event of another economic downturn.David Lloyd, head of institutional fixed-income portfolio management at M&G Investments, added: “Much of what Trump has said suggests the balance of risks is towards a more hawkish Fed. “In the short term,” he said, “the market will obsess over whether Trump’s rhetoric softens somewhat – ie [he tries] to forge a constructive working relationship with Yellen. If he sticks with his campaign tone, the rates market could get quite lively.”Outside of the US, Matthew Beesley, head of global equities at Henderson, said Europe could see “modest fiscal expansion with ECB-related stimulus in place to counter the short-term impacts of a slower US economy”.However, investor attention is likely to switch to forthcoming elections in France and Germany and a constitutional referendum in Italy, he said.“What price some further anti-establishment success and with it heightened risks to the already fragile growth outlook for Continental Europe?” he asked.BlueBay’s Dowding added: “We would caution against jumping to hasty conclusions regarding the European Central Bank or upcoming European elections in France, Germany or Italy in the wake of this result.”last_img read more

Linda Gail Wittkorn

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first_imgLinda Gail Wittkorn 75 of Moores Hill passed away at her residence on Wednesday August 9, 2017.  Linda was born Wednesday August 27, 1941 in Marion, North Carolina the daughter of William R. and Kitty V. (Hutchins) Mues Sr.   She married Heinz A. Wittkorn May 5, 1959, who survives.  Linda was a former employee of Good Samaritan Hospital in Cincinnati working in the medical records department.  Linda enjoyed animals, especially her cats.Linda is survived by husband, Heinz of Moores Hill, son Josef (Valerie) Wittkorn of Delaware, Ohio, brother William R. Mues Jr. of Cincinnati, and 4 grandchildren, Amber, Ethan and Aaron Wittkorn and Erika Basil.Private services will be held at the convenience of the family.  Memorials may be made in her memory to the Salvation Army through the funeral home.  Sibbett-Moore Funeral Home, Moores Hill entrusted with arrangements; Box 156, 47032;  (812)744-3280.  Go to www.sibbettmoore.com to leave an online condolence message for the family.last_img read more

Fellaini hospitalised due to coronavirus

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first_imgRelatedPosts Italy introduces compulsory virus testing for travellers from France Martins joins Wuhan Zall Nigeria records new COVID-19 infections, more deaths as figures rise to 57,242 Former Manchester United midfielder Marouane Fellaini is the latest footballer to have contracted coronavirus. The 32-year-old currently plays in the Chinese Super League for Shandong Luneng and he tested positive for Covid-19 on Friday. Fellaini undertook a routine screening on arrival at the city of Jinan. He is now in isolation at Jinan hospital, which specialises in infectious diseases. According to Shandong Luneng’s website, the Belgium midfielder is showing no symptoms of the coronavirus, such as a fever or cough. CSL players were sent abroad en masse to escape the coronavirus after its outbreak in China late last year. But given the recent dramatic reduction in reported new Covid-19 cases in China, players are starting to return to the country. Fellaini was due to spend 14 days in quarantine anyway, as are all people entering the country. Having spent several weeks in Dubai, where his team had been training, he was allowed to leave on February 20. He then travelled to Belgium, Morocco and the Maldives. Last week he travelled from Singapore to Shanghai Pudong International Airport before taking a taxi to the city’s Hongqiao Railway Station, from where he took a high-speed train to Jinan, according to local health authorities. Fellaini, who spent 11 years playing in England, representing both Everton and United, is reportedly the only Chinese Super League player to have contracted the illness. A statement on Fellaini from Shandong Luneng read: “The club will do its best to protect everyone while helping the treatment and rehabilitation of its player. We wish him a quick recovery. Fellaini expressed his gratitude to his concerned fans and friends through the club. He believes he will get well soon and return stronger.” The CSL is currently suspended due to the pandemic, as are most other leagues around the world. There had been hope, however, that it would resume in the next month. Covid-19 originated in China but the country has seen a dramatic decrease in cases over the past month, with just one new case reported in the last four days. Europe is now classed as the epicentre of the pandemic, and Italy is the worst-hit country in the world. The midfielder spent six years at United before leaving for the Chinese Super League last year. Fellaini left United for Shandong in 2019 in a £10.4 million deal. He signed an eye-watering £235,000-a-week deal with the CSL side and enjoyed a stellar first campaign as he netted 13 times in all competitions. The coronavirus crisis across the globe has worsened in recent weeks and has already had a huge effect on football with a large number of players, managers and staff catching the disease.Tags: Chinese Super LeagueCoronavirusManchester UnitedMarouane FellainiShandong Lunenglast_img read more