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Digital Subscriptions > The Hedge Fund Journal > Issue 113 - April | May 2016 > Man FRM Early View

Man FRM Early View

Have investors become the whipping boys of the central banks?

Sometime, probably in the last six months, the balance of opinion about the policies of the big central banks shifted from positive to negative.

Those who doubt that the benefits outweigh the huge risks of what can be achieved through radical monetary policy measures are in the majority. The sheer uncertainty (attributable to both vacillation and the lack of transparency) around the actions of central banks has played a key role in undermining confidence. It is legitimate to ask whether the huge risks incurred by these policies can be justified, given the evident uncertainty of their authors.

The Fed is a particularly interesting case and very much of the moment with a spectacularly chaotic U-turn on rates guidance. A number of FOMC members have pressed the case for an earlier tightening, but Fed Chair Janet Yellen made surprisingly dovish remarks at the March FOMC press conference and in a speech at month-end argued that “caution in hiking rates is especially warranted” with “the economy inevitably buffeted by shocks that cannot be foreseen.” Wall Street has clearly taken this as a sharply dovish development.

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INFORMING THE HEDGE FUND COMMUNITY With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.

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