Saqr ends cheap money era

In line with the headline, the article focuses on U.S. Federal Reserve policies led by Kevin Warsh that are signaling an end to the era of cheap money. A new monetary model has been announced, based on credibility and increased tightening, with a shift away from forward guidance and constructive ambiguity. Meanwhile, the global economy faces inflationary challenges, prompting interest rates to rise to around 3.80% before the end of the year, amid ongoing cross-border inflation pressures driven by structural issues and supply chain disruptions. On the asset side, gold prices have declined following a strengthening dollar and rising real bond yields, but gold remains a sovereign hedge, as central banks continue to bolster their gold reserves. These new policies represent a shift toward strict monetary discipline, with asset valuations now based on real yields and gold gaining prominence as a last resort asset amidst swollen sovereign debt.

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