monetary policies

After more than 100 days in office, President Javier Milei has managed some much-needed economic reforms. But the hit to voters’ pockets may limit his popularity, and progress. Sprucing up a peripheral Paris neighbourhood for the Olympics is just part of a plan to transform the city’s geography (9:42). And the astonishing life of the longest-ever user of an iron lung (17:20).

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Your morning briefing. The news you need in just 15 minutes.
On today's podcast:

(1) China's 5% growth target offer's little relief for the global economy.

(2) Harris Associates reportedly sell their entire Credit Suisse stake.

(3) The Chancellor looks to cap energy prices and freeze fuel duty.

(4) Brexit blues hit London's investment appeal. 

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For a fund manager with a belief in value, 2021 was as discombobulating a year as they come, says Ben Inker, co-head of GMO’s asset allocation team. Valuations went to insane levels across all markets, and there was nothing you could buy or hold that was cheap enough to offer real long-term returns. But the good news according to Inker is that an awful lot of froth came out of the market last year. Prices went down and inflation went up. Add those together and a lot of markets were down 25% plus in real terms, he says.

Inker joins Merryn Somerset Webb on this week’s Merryn Talks Money  to explain that, for the first time in several years, it’s possible to find assets with “compelling valuations.” There could be more nastiness to come in the most expensive markets, he warns, but the opportunity set going into 2023 is far better than it was a year ago. 

Plus, John Stepek and Merryn discuss was she calls one of the best books she's ever read. 

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The COVID-19 crisis has pushed central banks around the world into uncharted territory. Typically when we talk about this, it's from the perspective of the Fed or the ECB. But this has also been an extraordinary period for emerging market central banks. On this episode, we speak with Ruth Krivoy who ran the Venezuelan central bank in the early 1990s. She discusses the lessons she learned during that period and how they apply now.

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