Macro Strategy Views Podcast: The central bank game changer - the winners and losers

In our podcast, Macro Strategy Views, we discuss whether central bank actions will be successful in driving the global economy and financial markets, and the implications for Scandinavia. Global Head of FI&C Research Thomas Harr chairs today’s podcast while our US analyst, Mikael Olai Milhøj, our ECB analyst, Piet Christiansen, and our Scandi strategist, Kristoffer Kjær Lomholt, join him. The Fed is likely to deliver, which would support the domestic part of the US economy, weaken the US dollar and put modest downward pressure on US yields. We expect the ECB will also deliver, but it would have limited impact and the ECB may be challenged again. We believe the market and Norges Bank are too dovish on the prospects for further interest rate hikes, which would drive broad-based NOK strength.