Search this website. You can use fund codes to locate specific funds

Quarterly Economic Outlook: we've never had it so loose

The US and UK are already running highly negative interest rates, when QE is considered, according to a report by the International business of Federated Hermes. It says that true, QE-adjusted policy rates are now as low as -10% in the US, and -6% in the UK or around -12% and -8% in real (inflation-adjusted) terms. 

Download PDF
Neil Williams
Senior Economic Adviser

Neil joined the international business of Federated Hermes in August 2009 and provides investment teams with forward-looking economic research, as well as regular thought pieces and newsletters. He adopts top-down methods – macro and market analysis – to identify interest rate and credit value, and sovereign default risk. Neil began his career in 1987 at the Confederation of British Industry (CBI), becoming its youngest ever Head of Economic Policy. He went on to hold a number of senior positions in investment banks – including Director of Bond Research at UBS, Head of Research at Sumitomo International, Global Head of Emerging Markets Research at PaineWebber International, and, most recently, Head of Sovereign Research and Strategy at Mizuho International. Neil has 30 years’ industry experience and earned an MA in Economics in 1986 from Manchester University, having the previous year completed his BSc (Hons), also in Economics, from University College Swansea.

More articles by this author

Latest Articles

All eyes on Sustainability this Earnings Season
Our dedicated commitment to sustainable wealth creation means we are not only busy forming financial expectations for the upcoming earnings season, but ESG expectations too.
Read more
New research shows Covid has accelerated the social awakening
New research from the Global Equities team at the international business of Federated Hermes shows that companies with good or improving social practices can potentially add up to 17bps each month to returns.
Read more
Federated Hermes launches residential brand Hestia and expands portfolio with two new acquisitions
The International business of Federated Hermes has today announced the launch of a new Residential brand – Hestia.
Read more
Economic Outlook: 2021 and beyond - a slow and winding road to economic recovery
In his latest Economic Outlook, Senior Economic Adviser Neil Williams summarises his expectations for the global economy in five main points.
Read more
EOS at Federated Hermes publishes new Corporate Governance Principles for 2021
EOS at Federated Hermes, the leading stewardship provider, has today published its 2021 UK Corporate Governance Principles. In a letter to 124 listed UK companies, EOS has outlined its expectations across a number of important strategic governance, environmental and social topics.
Read more
Federated Hermes managed assets see success in the GRESB 2020 results
A number of portfolios and assets managed by the international business of Federated Hermes have achieved success in in this year’s GRESB Real Estate Assessment results.
Read more