Michael Hasenstab, Ph.D.

The Fed’s Long Unwinding Road

By Michael Hasenstab, Ph.D.
Executive Vice President, Portfolio Manager, Chief Investment Officer,
Templeton Global Macro

Quantitative easing (QE) by the US Federal Reserve (Fed) has played an influential role in global financial markets over the past decade.

Templeton Global Macro believes risks and challenges are ahead on the Fed’s road to policy normalization, with three factors that have potential to push bond yields higher than market expectations.

FULL VERSION

Templeton Global Macro, led by Dr. Michael Hasenstab, discusses the economic and market implications of the US Fed’s balance sheet normalization.

What lies ahead on the Fed’s road to policy normalization? Dr. Hasenstab discusses what he thinks the market is missing.

What does the Fed’s quantitative tightening mean to investors? Dr. Hasenstab breaks down the forces that he thinks will likely take inflation and US Treasury yields to new highs.

Michael Hasenstab, Ph.D., is executive vice president and chief investment officer for Templeton Global Macro, which conducts in-depth global macroeconomic analysis covering thematic topics, regional and country analysis, and interest rate, currency and sovereign credit market outlooks. Templeton Global Macro offers global, unconstrained investment strategies through a variety of investment vehicles ranging from retail mutual funds to unregistered, privately offered hedge funds. Dr. Hasenstab is a portfolio manager for a number of funds, including Templeton Global Bond Fund and Templeton Global Total Return Fund.
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