Don’t fight the Fed… or the ECB or RBA


The ECB and the Fed now clearly look to be heading towards monetary easing, probably from July.

  • We expect two rate cuts this year from the Fed.

  • The shift back towards monetary easing by global central banks against a backdrop of low inflation adds to confidence that global growth will pick up again over the next six months or so and this will all support share markets on a six to 12-month horizon.

  • We still see the RBA easing more than the Fed given the weaker state of the Australian economy and so, on balance, continue to see the $A falling to around $US0.65 by year end.

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