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Global Economic Challenges Reawaken Market Volatility

In the two weeks since China devalued its currency, asset prices globally have undergone sharp declines—in stocks, bonds, commodities and many currencies, especially among emerging markets. The sell-off in global markets accelerated last Friday and continued Monday, with global and regional indexes nearing or entering their first correction (a drop of 10% from the most recent peak) in several years.

August 25, 2015

The Economy and Fed Policy

Joseph G. Carson
Senior Vice President and Director—Global Economic Research

Real GDP growth rose by a 0.7% annualized rate in the fourth quarter, hurt by continuing cutbacks in energy capital spending, inventory liquidation and foreign trade. The bruising impact of cutbacks in energy capital spending isn’t over, but the major brunt of it is in the rear. Yet negative feedback from weak global growth and currency shifts is still in the offing, and policymakers are likely to focus more on those forces in 2016, resulting—at best—in a very gradual lift in official rates.

January 29, 2016