The writer is managing director and head of economic research for global fixed income and macro at Citadel
Issues such as climate change, energy independence and national security plans are piling up for investors — and no one is certain where the pieces will fall.
Before the global financial crisis of 2008, the economic policy framework was largely more transparent and predictable: manage demand by stabilising inflation while controlling public debt. It required fewer policy instruments and benefited from expanding globalisation and growing capital flows. It was a strategy that blossomed under the World Trade Organization’s rules-based system.
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