Michael Every, is head of financial markets research for Asia Pacific at Rabobank
He has appeared on CNBC with a sobering assessment:
- The consequences of telling the market that hikes were off the table this year would be "quite shocking" and an admission that monetary policy had become ineffective
- "We know what underlying problems we have in the global economy: Far too much of it is ice-cold, pockets of it are red hot. And we effectively would be saying monetary policy can't do anything to make the colder parts warmer and it's not prepared to do anything to make the hotter parts colder"
- "That's going to make it extremely unstable."
Says the mkt is now watching Jackson Hole