Anthony Rayner: 'Lower for longer' on steroids

For some time now, we have been of the view that economic growth is slowing and, in the absence of inflationary pressures, central banks continue to have free reign to loosen monetary policy. This is a familiar playbook. In recent weeks, economic growth data have been weaker than expected and so the ‘lower for longer' dynamic is starting to dominate markets once again. Compounding this weaker growth environment, trade war tensions have escalated, broadening out to other countries and extending beyond trade policy objectives, such as border policy. In response to both of these worsenin...