Q3 2019 Outlook:
The global fiscal panic

Q3 2019 Outlook:
The global fiscal panic

With economic growth faltering and global supply lines under threat, Modern Monetary Theory is gaining support. But can ambitious fiscal expansion prove a solution, or is it merely a short-sighted stimulant?

The looming economic slowdown and ongoing trade war has seen central banks panic, cutting interest rates and signalling new extremes of easing.

Politicians are also warming to the idea of Modern Monetary Theory, which can provide an intellectual backdrop to the fiscal expansion they will initiate as global growth falters further.

Our model indicates that the low point in the economic cycles lies in the third quarter for China, and in the first to second quarter for the US, UK and Europe. A massive repeat of the 1970s global supply shock is also a possibility.

Can an expansionist fiscal policy breathe life back into an ailing economy? Download our Quarterly Outlook now to get the SaxoStrats' expert insights.

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Ole Hansen

Head of Commodity Strategy

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Christopher Dembik

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Q3 Outlook: Global policy panic to boost bonds

Althea Spinozzi

Fixed Income Specialist, Saxo Bank

Q3 Outlook: Monetary madness in the ‘miracle’ economy

Eleanor Creagh

Australian markets strategist, Saxo Bank

Q3 Outlook: The global fiscal panic

Steen Jakobsen

Chief Economist & CIO

Download the Quarterly Outlook now to read our #SaxoStrats’ analysis in full and discover what this quarter holds in store for macro, equities, forex, fixed income, commodities and more.

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