I mercati di Ferragosto (parte 3)

Come integrazione del Post precedente, il numero 2 della serie, è utile riportare anche une stratto di una intervista, degli inzizi di agosto, al numero due della Federal Reserve, Stanley Fischer, dal quale arrivano osservazioni che si integrano alla perfezione con quelle che avete letto in precedenza.

Fischer parla, in modo informale, della Borsa degli Stati Uniti. Così riporta il Financial Times:

As we meet on August 3, the Dow Jones Industrial Average is hitting record highs, long-term real interest rates are extraordinarily low, and former Fed chair Alan Greenspan has just warned of a bond bubble. Human beings, says Fischer, borrowing from Milton Friedman, are not rational, but they are great at rationalising things. He agrees with Greenspan, saying the persistently low level of real long-term interest rates is a conundrum. “I don’t feel I understand it fully, and therefore I feel uncomfortable,” he says, referring to the rapid ascent of equities. Part of the reason for the post-election stock market surge was a belief that Trump would push through tax reform and infrastructure. That justification for booming equities has evaporated, however, Fischer says. “The truth is our political system doesn’t look like it is going to deliver very much in the way of what we hoped it was going to deliver on November 8 2016.”

Di certo, Stanley Fischer non sta cercando di vendervi nulla: e se lui "non riesce a capire", che cosa avranno capito gli investitori?