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Impending Arrival – a Sequel to the Survey on Central Bank Digital Currency (BIS, 19 page read) Rapid development of CBDCs in emerging markets could see around 20% of the world’s population with access to digital CB money in the next few years. Sweden is among a handful of countries already running a pilot project.
The Interest Rate Puzzle (Stumbling and Mumbling, 3 min read) Lower interest rates have boosted house prices more so than equities because either; housing was previously under-priced, both markets are concerned over distributional risks between profits and wages, or housing is now over-priced. [Bearish housing]