The Salient Views in the Rearview Mirror

The coming 12 months are shaping up as the year of the interest-rate cut. After racing ahead with the most aggressive tightening campaign in decades during 2022 and 2023, central banks around the world are poised to begin easing monetary policy as inflation continues to retreat…

Plans to bring down rates hinge on inflation continuing to slow. Skeptics warn that prices mostly remain some way from central-bank targets, and that policy will need to remain tight.

~ Bloomberg, January 7, 2024

“A compass, I learned while I was surveying, it’ll point you true north from where you’re standing, but it’s got no advice about the swamps, deserts, and chasms that you’ll encounter along the way.

If in pursuit of your destination you plunge ahead heedless of obstacles, and achieve nothing more than to sink in a swamp…what’s the use of knowing true north?”

~ Sir Daniel Day Lewis, in Lincoln

Blue Sky Behind, Canyons Ahead