William De Vijlder

Group Chief Economist BNP Paribas

Markets and financial investments

William De Vijlder analyses the relations between the economy and the markets (including bond, equity, commodity, capital and currency markets), investor behaviour, and their appetite for risk taking, in keeping with economic data and the level of uncertainty.

Endogenous risks loom on the economic horizon

Replace ‘blue sky’ with ‘robust growth’ and ‘umbrellas’ with ‘economic policy instruments’ and you have a description of the global economic environment: robust growth but, if a downturn would come, very little manoeuvring room for fiscal and monetary policies to stimulate growth. All the more reason to keep a watchful eye on the horizon, and to prepare for clouds to appear.

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The first rate hike: source of relief or cause for concern?

The meeting of the Federal Open Market Committee today and tomorrow has created significantly more nervousness than is normally the case. Many consider that the time is ripe for a first hike of the Federal funds rate in this business cycle, whereas others argue that it would be better to wait a little bit longer. Views differ and that is what makes a market.

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