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Barclays Bank warns of a financial storm as Federal Reserve's credibility crumbles

 
Impending Economic DOOM!
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07/02/2008 08:51 AM
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Barclays Bank warns of a financial storm as Federal Reserve's credibility crumbles
Barclays Bank warns of a financial storm as Federal Reserve's credibility crumbles

Last Updated: 12:01am BST 28/06/2008

US central bank accused of unleashing an inflation shock that will rock financial markets, reports Ambrose Evans-Pritchard

Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall "below zero".

"We're in a nasty environment," said Tim Bond, the bank's chief equity strategist. "There is an inflation shock underway. This is going to be very negative for financial assets. We are going into tortoise mood and are retreating into our shell. Investors will do well if they can preserve their wealth."

Barclays Capital said in its closely-watched Global Outlook that US headline inflation would hit 5.5pc by August and the Fed will have to raise interest rates six times by the end of next year to prevent a wage-spiral. If it hesitates, the bond markets will take matters into their own hands. "This is the first test for central banks in 30 years and they have fluffed it. They have zero credibility, and the Fed is negative if that's possible. It has lost all credibility," said Mr Bond.

more: [link to www.telegraph.co.uk]
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07/02/2008 09:24 AM
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Re: Barclays Bank warns of a financial storm as Federal Reserve's credibility crumbles
Barclays should turn around because the whole world is in the same boat.not one country is spared except OPEC Nations..which got us here to begin with..how interesting..the middleast privitized American and other foriegn oil production companies in the iddleast 30 or so yrs ago..privatise is a poitically correct word for (((stold )))))

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