The second wave of the pandemic means no V-shaped recovery But it also prolongs fiscal and monetary stimuli Hence, inflation will still accelerate — and probably in the long term as well Over the spring and summer, I made two forecasts in these pages. One was that the world economy…
The hotel management is very covid-aware. You’ll find hand sanitizers everywhere and especially in the restaurant. The breakfast buffet is divided into two desks and the lines are well organised. The number of tables is reduced to create distance between guests. You can ask to be served at the table if…
Ok, it is a bit unfair to show some of the breakfast already eaten, but I forgot to take pictures beforehand. It certainly is difficult to judge a breakfast in these days of the COVID-19 pandemic. No buffet, just a set menu to choose from. That tends to skew both…
The new policy of average inflation targeting involves a loss of clarity. Its credibility is questionable. It means rather higher inflation than markets currently expect. Last month the Fed switched to alternative inflation targeting (AIT), a change covered in a Stein Brothers Comment at the time. However, the change bears…
Markets expect Chairman Powell to signal a shift towards ‘average inflation targeting’ AIT makes sense in many ways, but also has weaknesses The medium-term effect will be an acceptance of higher inflation Later today, Fed Chairman Jerome Powell will address (virtually, needless to say) the annual Kansas City Federal Reserve…
With the post-pandemic arrangements, there isn’t very much you can write about breakfasts, at least in Scotland. They are all pretty similar, you order at the table, either basic (toast, preserves et cetera) or the “full Scottish”. So the difference boils down to service. Today’s breakfast was a reasonable average,…
Unsurprisingly, another instance of having to order breakfast with no buffet. This is what we will have to get used to for some time. Again, a reasonable choice including the full cooked Scottish breakfast. On the slightly negative side, they brought you a cup of coffee or hot water for…
It is a new world in the post-pandemic era. One sadly missed feature is the breakfast buffet. That being said, the breakfast at The New Club was very pleasant. Substantial choice, including a ‘full Scottish’ cooked breakfast (which one of my companions chose), yoghurts, fruit, pastries et cetera. The service…
The post-COVID-19 world will see an increase in distance-working. But not everyone can or wants to work from home. Offices will remain but there will be less demand for them. Surplus CBD office space can be converted to residential use, with multiple benefits It always feels silly to intentionally position…
Economic data remains weak and Q2 GDP numbers will be awful almost everywhere But confidence is rising, if from low levels and frequently rising more than expected It is difficult to spot real time turning points, but it does seem that the recovery has begun Q2 GDP data will begin…
