10 August 2018

Silver Bullet

The Silver Bullet | The Vigilantes Are Back

Investors doubting monetary or fiscal policy actions by governments have been nicknamed bond vigilantes in the ‘90s. After ten years of monetary policy anesthetic, the number of skeptics is growing. There have been plenty of examples in emerging markets, including Argentina and Turkey, but what’s interesting is that for the first time, the Vigilantes are turning their attention to developed…

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10 July 2018

Silver Bullet

The Silver Bullet | A Slow Motion Re-pricing

At the beginning of 2018, we positioned more cautiously for markets caught between headwinds from the end of QE and tailwinds from positive growth. This is what happened so far and what we expect from the second half of the year:  Financial markets have underperformed the economy The US continues to outperform the rest of the world Risk premia have…

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5 June 2018

Silver Bullet

The Silver Bullet | The Age of Fragility

Download the PDF   The QE party is ending. Last year's Goldilocks global expansion has left the way to an environment of divergence, where the US continues to outperform the rest of the world and the Federal Reserve is the only central bank no longer behind the curve on policy normalisation.   At the beginning of the year, we prepared…

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1 May 2018

Silver Bullet

The Silver Bullet | Have Central Banks Missed the Exit Train?

Download the PDF   After a decade of monetary stimulus, central banks have pledged to exit loose monetary policy. Except for the Fed, their attempts appear to be failing.   The Federal Reserve has been raising interest rates, bringing 2-year yields up to around 2.5% and reacting to the Trump Administration’s fiscal stimulus, the largest on record during a peacetime…

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24 April 2018

Video

Geopolitical Risks on the Rise, Algebris’ Gallo Says

Alberto Gallo, Algebris portfolio manager and head of macro strategies, spoke with Bloomberg's Anna Edwards and Manus Cranny about rising geopolitical risks, Iran's nuclear deal and Europe's growth on Bloomberg TV. Click below to watch the video. He also discussed monetary policy normalisation, Brexit and UK growth risks on Bloomberg Radio: click here to listen to the audio. Click here…

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19 April 2018

News

Imperial College Future of Finance Conference: Market Efficiency and the End of QE

The end of QE heralds the return of volatility and the testing of the fragile foundations upon which we have built our economic recovery. Alberto Gallo joined Professor Andrea Buraschi today at Imperial College Business School for a panel discussion with Luke Ellis (CEO, Man Group) and Ryan Blute (Head of Global Wealth Management, PIMCO) on the distortionary impact of…

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