Anatole Kaletsky

Why political gridlock works for the U.S. economy, but not for Japan or EU

By Anatole Kaletsky
November 7, 2014

U.S. President Obama hosts a luncheon for bi-partisan Congressional leaders in the Old Family Dining Room at the White House in Washington

Is gridlocked government a betrayal of democracy? Or does it allow citizens to get on with their lives and businesses, unencumbered by meddlesome politicians?

Why markets ignore good news from U.S. to focus on bad news from Europe

By Anatole Kaletsky
October 16, 2014

A trader watches the screen at his terminal on the floor of the New York Stock Exchange in New York

What’s spooking the markets?

One thing we can say for sure is that it is not the slightly weaker-than-expected retail sales that triggered the mayhem on Wall Street on Wednesday morning. Most U.S. economic data have actually been quite strong in the month since Wall Street peaked on Sept. 19.

Here’s what it will take to trigger the next stock market correction

By Anatole Kaletsky
August 21, 2014

Traders work on the floor of the New York Stock Exchange shortly after the market's opening in New York

As Wall Street hit another new record Thursday, it is worth considering what could cause a serious setback in stock market prices around the world. Since I started writing this column in 2012, I have repeatedly argued that the rebound in stock market prices from their nadir in the 2008-09 global financial crisis was turning into a structural bull market that could continue into the next decade.

Yellen’s remarkably unremarkable news conference – and why it’s a good thing

By Anatole Kaletsky
June 19, 2014

Yellen holds a news conference following two-day Federal Open Market Committee meeting at the Federal Reserve in WashingtonJohn Maynard Keynes famously said that his highest ambition was to make economic policy as boring as dentistry. In this respect, as in so many others, Federal Reserve Chair Janet Yellen is proving to be a loyal Keynesian.

Behind Wall Street’s anxiety

By Anatole Kaletsky
April 10, 2014

The recent economic news has been about as investor-friendly as anyone could imagine.

Yellen looks toward a Keynesian approach

By Anatole Kaletsky
February 13, 2014

This has been a banner week for the world economy, inspired largely by events in the United States.

Behind the wave of market anxiety

By Anatole Kaletsky
February 6, 2014

What has caused the sudden anxiety attack that overwhelmed financial markets after the New Year? We may find out the answer at 8.30 on Friday morning, Eastern Standard Time.

A central banker’s ‘license to lie’

By Anatole Kaletsky
January 30, 2014

Federal Reserve Chairman Ben Bernanke, who retires this week as the world’s most powerful central banker, cannot be trusted.

Have markets finally received Bernanke’s taper message?

By Anatole Kaletsky
December 19, 2013

Thanks goodness it’s over. Financial market behavior ahead of last night’s announcement by Ben Bernanke on a gradual reduction in U.S. monetary stimulus has been tedious and irritating, rather like listening to whining children in the back of the car on a long journey: “Daddy, are we there yet?” In fact, impatient whining about when the Fed might start to “taper” has spoiled for many investors what should have been one of the most enjoyable financial journeys of all time, scaling previously unexplored market peaks and passing through unprecedented monetary vistas.

The end of the Fed’s taper tantrum

By Anatole Kaletsky
November 21, 2013

Following Wednesday’s publication of the Federal Open Market Committee minutes, we now know that a reduction in U.S. monetary stimulus could be on the agenda for the next FOMC meeting on December 19. How much does this matter?