Metaphysical Monetary Musings From Deutsche Bank
Deutsche's Jim Reid has been on quite a flight of fancy in the past few days. His latest comment, mixing the metaphysical and monetary, is merely the latest indication showing just how ubiquitous the Fed's influential tentacles have spread.
From DB's Jim Reid
We are not alone. After going through the FT this morning it’s clearly a bit quiet as the story that has most caught my attention is the one suggesting that new research has estimated that there are more than 20bn Earth-like planets in our Milky Way with temperatures that could sustain life. A remarkable number. Maybe as we speak 5bn of them are contemplating tapering, 10bn have already tapered and 5bn are simply having too much fun to care!
A few years ago DB research put out a piece with the title "The Fed is from Venus and the ECB from Mars" which now seems a little parochial given this revelation.
Nevertheless news from planet Fed and planet ECB remain the key drivers at the moment. If you want a rough guide to how important central banks have become to the world’s economies and markets this year, in the 28 DB articles our weekly EWR publication highlighted last month, one in every two of them included discussion of central bank policy. By comparison in October 2012’s 22 articles, only three discussed central bank policy (14%). So markets aren't always this one dimensional.
And here, without any specific purpose, is a gratuitous photo of Carl Sagan.
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