Video

Playlist

Show less
10:20
Morning Call: Softer dollar boosts commodities, stocks
#SaxoStrats
21 September 2018 at 7:40 GMT
10:35
Morning Call: Markets stabilise as trade tensions ease
#SaxoStrats
20 September 2018 at 8:28 GMT
10:03
Morning Call: Chinese shares surge as trade war rages on
#SaxoStrats
19 September 2018 at 8:36 GMT
8:51
Today’s FX chart analysis - video
John J Hardy
18 September 2018 at 10:28 GMT
9:42
Morning Call: Trump hits China with tariff plan
#SaxoStrats
18 September 2018 at 7:29 GMT
2:45
The week ahead in macro
Kay Van-Petersen
17 September 2018 at 8:11 GMT
27:58
Macro Monday week 38: Keep Global Macro and Carry On
Kay Van-Petersen
17 September 2018 at 8:02 GMT
10:00
Morning Call: US yield curve lifts, boosting dollar
#SaxoStrats
17 September 2018 at 7:23 GMT
43:30
Technical analysis webinar – A view of the market: Larsson
Kim Cramer Larsson
12 September 2018 at 14:44 GMT
11:15
Morning Call: Chinese shares fall further
#SaxoStrats
11 September 2018 at 8:36 GMT
11:34
Morning Call: USD, SEK in focus
#SaxoStrats
10 September 2018 at 7:49 GMT
2:47
The week ahead in macro
Kay Van-Petersen
10 September 2018 at 7:37 GMT
14:02
Morning Call: Is Japan next?
#SaxoStrats
07 September 2018 at 7:35 GMT
Video / 19 September 2013 at 14:15 GMT

Jakobsen: No taper 'doesn’t come as a shock'

Steen Jakobsen

While most analysts are close to flabbergasted by the Fed’s decision not to taper, Saxo Bank’s Chief Economist and CIO Steen Jakobsen, isn’t surprised. 

In fact, while markets were gearing up for a USD 10 billion reduction of the Fed's monthly asset-buying programme, Steen kept warning us that QE was there to stay for quite some time.

He explains there are three main reasons behind his argument; Firstly, he says US job creation is not real, secondly, that the country has a very low inflation rate, which means it's on excess capacity, and finally, that we have seen an increase in mortgage rates and rates in general.

All this means the Federal Reserve was miscommunicating what was really happening and that's why market expectations were too high.

He adds that as a result, we could see the other major central banks taking steps to counteract the Fed's movements, which means we will see increased volatility in all asset classes.

6y
Jim Earls Jim Earls
Steen-too bad the media didn't hype your position before yesterday, then there would have been no intended 'shock value' to the decision stealing the Fed's thunder.
6y
Lubomir Lubomir
Steen, I have been listening to your ideas for quite a time (despite I am just a small retail investor) and I appreciate your straight forward ones presented at FX Debate. What I especially like, you keep yourself quite a distanced from all this Hype and being very clear and consistent on the issues
6y
Steen Jakobsen Steen Jakobsen
Lubomir - you are too kind but I appreciate you reaching out...

Jim - one can only do ones job - I think yesterday is good long-term. Fed show us and the Ivory Tower economists that they are zero idea how to move along from here ... we are down to the politicians engaging on coming up with real reform - unlikely absolutely, but maybe then w zero growth in US and Germany next year we can start a new

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Tradingfloor.com permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Tradingfloor.com and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Tradingfloor.com is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Tradingfloor.com or as a result of the use of the Tradingfloor.com. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through Tradingfloor.com your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail