Global Macro Shifts is a research-based briefing on global economies featuring the analysis and views of The Templeton Global Macro Team.

Michael Hasenstab, Ph.D.

Michael Hasenstab, Ph.D.

Executive Vice President, Portfolio Manager, Chief Investment Officer,
Templeton Global Macro

The Fed’s Long Unwinding Road

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.

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

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Summary

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The Elephant in the Room What lies ahead on the Fed’s road to policy normalization? Dr. Hasenstab discusses what he thinks the market is missing.
Economic and Market Implications of the Great Unwinding 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.