Last quote by Zachary Karabell
Zachary Karabell quotes
The concern last year and into this year was that the incredible collapse of the commodity cycle would lead to huge defaults in emerging markets, particularly those markets like Brazil and South Africa and elsewhere that were really exposed to that.
Nervousness about 'Does the Fed move 25 basis points in a week or two versus in two months' speaks more to this ongoing uncertain delicate market psychology than it does to any substantial fundamental shift.
We're conducting policy on the basis of imperfect information but that's the information that we have at the time. So it's like you're driving on the road in a storm. You're looking out the windshield, you don't have a perfect view but you have a view and that's the basis for the decisions you make at the time.
Too much of this is noise. They've been pretty clear about the arc. We're a little uncertain about the timing. The global cost of money is clearly low, and there's no indication that's on the verge of a change.