Bank of Canada governor Stephen Poloz speaks in Toronto in this file photo from March 5, 2020. Global central banks lower interest rates on the assumption that cuts solve problems, but they don't fix everything, writes Howard Green.Railroader: The Unfiltered Genius and Controversy of Four-TimeThe person I was interviewing on stage was someone who oversaw a gazillion in investments, the head of asset management for one of America’s biggest banks.
Actually, let me correct that. The time to unleash the world’s most ambitious infrastructure projects would have been during the financial crisis. If ever there were a wasted moment, that was it. A dozen years later, we still have abnormally low interest rates and decayed infrastructure. The actions of global central banks, while noble and well-intentioned, rest on the market assumption that rate cuts solve problems. True, they can be lifesavers.
We were always told central banks had lowered rates to such a degree, there wasn’t much more they could do in the event of an exogenous economic shock such as COVID-19. And here we are. After a 50-basis-point rate cut on each side of the border last week, central bankers have even less dry powder. U.S. Treasuries – even the 30-year bond – have seen yields fall below one per cent.
globebusiness Only the glut disappears!
globebusiness Drop another 50bps.
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