Chris Dillow 

Fiscal policy & equities

Chris Dillow

Chris Dillow
Fiscal policy & equities

Chancellor Philip Hammond is expected to announce some loosening of fiscal policy in next week’s Budget. There’s a simple test of the extent to which he does so: what happens to interest rate expectations? If these rise, it’ll be a sign that futures markets expect a significant loosening. If they don’t, it’ll tell us that talk of loosening is just that – talk.

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