The British are leaving! The British are leaving! – Maybe. Friday provided a profound shock for the financial markets as the UK voted to leave the EU in the Brexit referendum. Over the past week, following the assassination of Labour MP Jo Cox, polls had shifted from favoring Leave to favoring Stay – right up until the last polls before voting. Indeed, even UKIP party leader Nigel Farage was indicating Thursday that Stay would scrape out a victory. The unexpectedness of the outcome generated substantial volatility and market angst in part because over optimism had led some to exit protective positions and they were forced to run to cover. What we learn from this is that predicting the future is never easy. Now economists have both weather forecasters and pollsters to joke about.
Last week, many Fed officials gathered at the Kansas City Fed’s Jackson Hole Symposium to give their take on the need to make or delay the initial rate hike. Vice Chairman Stanley Fisher carried the Fed’s central message – it is still too early to decide about a September hike. Before he spoke, several speakers […]
GIC Chairman Michael Drury takes a look at the global economy today.
GIC Chairman and Chief Economist of McVean Trading and Investments discusses income inequality in the US.
GIC Chairman and Chief Economist of McVean Trading & Investments Michael Drury discusses the U.S. economy.
GIC Chairman Michael Drury, of McVean Trading and Investments, discusses the increasingly stable US economy.
Chief Economist of McVean Trading and Investments Michael Drury talks about the ECB and the global recovery.