Things That Make You Go HMMM

A Walk Around The Fringes Of Finance

Grant Williams, Things that make you go HmmmMuch to his chagrin, Grant Williams has reached 30 years in finance.

Over that period, he has held senior positions at a number of investment banks and brokers in locations as diverse as London, Tokyo, New York, Hong Kong, Sydney and Singapore.

Grant is portfolio and strategy advisor to Vulpes Investment Management in Singapore and also one of the founders of Real Vision Television — an online, on-demand finance channel showcasing the brightest minds in finance.

A regular speaker at investment conferences across the globe, Grant blends history and humour with keen financial insight to produce unique presentations which have been enthusiastically received by audiences everywhere.

From humble beginnings in 2009, Things That Make You Go Hmmm... has grown to become one of the most popular and widely-read financial publications in the world.

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...Paul Volcker averaged double-digit rates during his eight year reign. Alan Greenspan halved those over the course of a nineteen year period and Ben Bernanke cut Greenspan’s average by a further 70%. Janet Yellen essentially completed the journey to 0 and now, with the inevitable pendulum-swing in the opposite direction seemingly under way, she hands the keys to the executive bathroom at the Marriner S. Eccles building to Jerome ‘Jay’ Powell.

I suspect he may soon want to make quite sure that the door can be locked from the inside.

As that journey towards ever-lower Fed Funds rates and ever-larger balance sheets has progressed, the world has become used to what is perhaps the strongest trend in living memory.
Unfortunately, even though central bank intervention has corrupted the process in recent years, the bond market remains representative of the price at which money changes hands in the real world. At some point markets will overwhelm the monetary mandarins and the true cost of money will be reimposed upon those wishing to borrow it.

When that day arrives, all hell will be let loose... Read more