Roundtable participants

摘要

IFR: WELCOME TO THIS THOMSON REUTERS IFR US RATES ROUNDTABLE. THIS EVENT HAS RUN NOW FOR ABOUT FOUR OR FIVE YEARS AND OVER THAT PERIOD WE'VE DISCUSSED FED POLICY, THE TOOLS THAT THE FED HAS IN ITS ARMOURY, THEIR EFFICIENCY AND EFFICACY, AND ITS ROOM FOR MANOEUVRE. IN ALL THE YEARS THAT I'VE BEEN HOSTING THIS EVENT IDONT RECALL A PERIOD WHERE THERE HAVE BEEN SO MANY HEADWINDS AND SO MANY ISSUES, BE IT IN EMERGING MARKETS, BE IT IN COMMODITY PRICES, OIL PRICES, THIS WHOLE QE AND RATE NORMALISATION DISCUSSION, WHICH HAS EASILY BEEN THE MOST WIDELY DISCUSSED ISSUE OF THE YEAR. WE'LL DISCUSS TODAY WHAT HAPPENED AT THE OCTOBER FOMC MEETING AND WHAT THE FED'S DECISION MEANS IN TERMS OF WHAT WE CAN EXPECT FROM THE MARKET, HOW WE SHOULD BE POSITIONING OURSELVES AND WHAT IT MEANS FOR THE DOLLAR. WE'LL TALK ABOUT SOME KEY ISSUES IN THE US ECONOMY AND DEBATE AND DISCUSS THE EXTENT TO WHICH, IF AT ALL, A RATE RISE IS JUSTIFIED AND WHAT ARE THE ACTUAL DRIVERS OF THAT DECISION WHEN IT COMES, BE IT IN DECEMBER OR NEXT YEAR. GEORGE, IF I MAY, I'LL START WITH YOU. WHAT DID YOU MAKE OF THE DECISION YESTERDAY AND THE FED'S RATIONALE?