Recent news about a number of staff changes among the world’s central banks has supported our view that widespread policy loosening is to come. As the next ECB President, we suspect that Christine Lagarde will be a stronger advocate of further policy stimulus than any of the other candidates who were in the frame would have been. President Trump’s nominees for the two vacant seats on the Fed Board would both support his case for significant rate cuts. Meanwhile, sackings and resignations at the Turkish and Indian central banks seem to confirm that governments there are pulling strings to achieve the policy loosening that they desire.
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