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From monetary policy addiction to fiscal rehab and beyond

The consequence of an over-reliance on monetary policy is that financial markets are now essentially nationalised. Risk market pricing is now set by virtual central bank fiat rather than any fundamentals.

Stephen Miller
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Everyone, it seems, has a welter of advice for economic policymakers, including humble financial market scribblers.

Both the RBA and the federal government deserve commendation for the way in which they have managed the fallout from the COVID-19 pandemic.

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    Original URL: https://www.afr.com/markets/debt-markets/from-monetary-policy-addiction-to-fiscal-rehab-and-beyond-20201119-p56g66