Anatole Kaletsky

Now may not be the time to buy bonds

By Anatole Kaletsky
June 6, 2014

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Why are interest rates so low? And how long will they stay that way?

Now that the European Central Bank has passed another historic milestone by imposing negative interest rates on a major part of the world economy, there is one explanation of the unprecedented collapse of interest that everyone can agree on. Central banks can set money market interest rates as low or as high as they please just by giving commercial banks whatever amount of excess credit is needed to keep these rates at the chosen level.

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.

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.

The many interpretations of Ben Bernanke

By Anatole Kaletsky
May 23, 2013

Federal Reserve Board Chairman Ben Bernanke testifies before Congress in Washington, May 22, 2013. REUTERS/Gary Camero

Market euphoria misreads the signals from Brussels and Rome

By Anatole Kaletsky
April 25, 2013

Financial markets, which balance judgments from some of the world’s most highly paid and best-informed analysts, are often uncannily right in anticipating unpredictable events, ranging from economic booms and busts to elections and terrorist attacks. But markets can sometimes can be spectacularly wrong, especially when it comes to politics. A classic case was the slump on Wall Street after last November’s election in the United States. This week’s market action in Europe may offer an even clearer example of market confusion about two fascinating but Byzantine political entities – the Italian government and the European Central Bank.