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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Aug 12, 2016
Page
20
Analysis explains how eight years of near zero rates in the U S Europe and Japan affect savers pensions banks and asset markets. Central banks’ bond purchases push prices up and yields down with German 10 year bonds yielding just below zero.
The piece argues zero or near zero rates can spur savings retention and buybacks while dulling bank lending. Daimler shifts 1.8 billion euros to its pension fund and Siemens notes 1.8 billion euros more underfunding. Analysts warn cheap money may not boost growth and could signal a crisis.
Economies recover slowly and central banks hold rates near record lows. The Fed has only raised 0.25 percentage points, and some economists warn global weakness may push neutral rates lower. Central banks may need to accept lower long run rates to avoid choking growth.
Central banks cut rates to lower borrowing costs for businesses and consumers in hopes of boosting investment and spending. The aim is to lift growth and employment while nudging savers toward riskier assets like stocks and real estate. As Stephen G. Cecchetti notes, lower returns on safe assets push demand into riskier markets, driving up growth and prices.
Experts warn low rates can push investors toward riskier assets, inflating a bubble that may burst. Commerzbank cautions German house prices resemble a bubble while Sweden flags rapid housing gains and high debt. US stocks hover near records amid broad economic growth.
U.S. stocks closed at record highs led by energy shares and retailers after Macy’s and Kohl’s upbeat results. Oil price strength, demand outlook, and an IMF loan for Egypt shaped sentiment, though S&P 500 earnings for Q2 were still seen down.
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