America's all right Jack – too bad about Russia

When the US embarked on its QE experiment and zero interest rate policy, the rest of the world had little choice but to follow suit. As America prepares to turn off the money tap, emerging markets will be hit hard.

Reserve Bank of Australia Governor Glenn Stevens’ hand-wringing speech yesterday about the limitations of monetary policy ironically came just a week after his American counterpart, Janet Yellen, declared monetary policy’s victory.

The head of the US Federal Reserve warned that if the labour market stays as strong as it is, rates will rise sooner than anyone expects.

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