Fed Chair Janet Yellen used a speech last night to send a pretty clear signal that US interest rates are still likely to be raised later this year, despite the hesitancy last week. This shouldn’t be a...

The rise in sovereign credit spreads in the euro-zone since the spring has partly reflected concerns about the implications of the slowdown in China and US monetary policy, rather than just specific...

Emerging market equities have suffered heavy losses from the recent bout of risk aversion that has been “Made in China”, particularly those in commodity-exporting countries. But with the economy...

A decline in the equilibrium level of the federal funds rate provides some justification for lower long-term US Treasury yields today than on average in the past. But a large decline in the...