C-Suite Agenda

Exciting News From US Central Bank Fed

Federal Reserve Building Washington DC

Ten years ago, it was normal that the handling of goods in a warehouse in the US was primarily handled by human staff. Of course, there were also logistic robots that handled work functions at the largest and most advanced companies such as Amazon. But since then, the development has taken-off and logistic robots now master many tasks in large warehouses.

One can have the impression that robots have now taken-over all functions of what can be described as “intra-logistics” in a warehouse. Though it is not quite so far yet, but in some warehouses, the roles have flipped between robots and human beings. Functions that include many single movements are yet too complex to compute, so a robot can perform the task. But even here, robot technology has taken-over the control of man. In very efficient warehouses, it is an administrative robot that via a small in-ear headphone, informs the employee about the next work task. It is so wisely organised that if the employee is pausing somewhere unexpected on the route, the robot immediately asks what the employee is doing.

A jump in the development of the warehouse technology will be when artificial intelligence can bring logistic robots to the next level, where robots can take-over the more complex functions, a step that comes faster than we think.

Now, one can ask, what does this story have to do with the US central bank’s (Fed) monetary policy? Pretty much, actually.

The US central bank is clearly preparing a significant change on how it believes the labour market is affecting inflation. I expect it to be a fundamental change in the central bank’s perception of the economy, and thus also how it will conduct its future monetary policy. For example; the assessment of how high maximum employment can be without having an inflationary impact on the economy. It may be simpler to express it as how low the unemployment rate can go without wage inflation occurring and subsequently leading to higher inflation in the broader economy.

It is a question that ongoingly engages any central bank in countries with a free market economy. However, especially since the global financial crisis 10 years ago, macroeconomic models have been less synchronous with the economic reality. A situation that makes it more difficult for a central bank to pursue the optimal monetary policy.

In the communication from Fed during the last decade, it is in my opinion, that they are obviously challenged. The strong development in the labour market combined with the non-existent wage inflation has given reason to many speculations, also deep in the central bank.

The work with re-evaluating the economic models that describe the labour market and wage inflation was officially launched a couple of weeks ago at a working conference organised by Fed’s branch in Chicago. How long such a process takes, nobody knows, though I regard it as a formalisation of long ongoing considerations within Fed, i.e. it’s not a work that starts from scratch.

However, I have no doubt that it leads to changes in Fed’s economic models, which will affect Fed’s monetary policy, and therefore financial markets will now already respond.

As graphic one shows, the American unemployment is now at 3.6 pct., but in the past two years, unemployment has actually been so low, that the Fed believes employment is above its maximum, as they express it. For the same reason, the central bank has been waiting during that period for clearer signs of inflation in the US economy, but so far in vain. Graphic two shows where a part of the pressure has gone. The decline in the job participation rate stopped in 2014, which means that more people stayed in the labour market than the demographic development had indicated.

But another explanation is found back in the warehouse, as robot technology now constitutes a regular work resource, which is also increasingly the case with administrative robots. In my opinion, the development within administrative robots still lacks the last development before they become really attractive. Though artificial intelligence will give the administrative robots an entirely different dimension. They truly represent another new labour resource, and of course, take the heat out of a hot labour market.

Whether the Fed’s makeover of their economic models coincides with the new bias towards lower interest rates, and a pressure for the same from President Trump, can only be guessed about.

I am, however, quite convinced that a new economic model will, to a greater extent, include technological development/artificial intelligence as a substitute for the manual labour force, and also better opportunities for upgrading qualifications of the labour force.

These components contribute to higher productivity and generates a more valuable labour force. This will work as a counterbalance to the classic inflationary pressures that economies have previously experienced when employment begins to reach its maximum. I expect that the updated models give Fed arguments to keep interest rates at a lower level than the historical average has been. Though, I still argue that there are a number of reasons why Fed should maintain its current interest rate, or even raise it a few more times.

But the financial markets are looking in a different direction now and therefore we have adjusted our expectations in our “conviction model”.

For example, do I now expect a lower probability that the dollar will gain further in strength. And apparently, the US 10-year yield is still on the move lower.

My major consideration is how much the Fed is changing its monetary policy, because the European Central Bank is ready to open-up for monetary easing again, thus increasing the possibility of a global extreme quantitative monetary policy re-entering and dominating financial markets again.

Graphic 1: The US unemployment rate in percent since 1970:

The US unemployment rate in percent since 1970

YearUnemployment rate
January 1, 19703.9
February 1, 19704.2
March 1, 19704.4
April 1, 19704.6
May 1, 19704.8
June 1, 19704.9
July 1, 19705
August 1, 19705.1
September 1, 19705.4
October 1, 19705.5
November 1, 19705.9
December 1, 19706.1
January 1, 19715.9
February 1, 19715.9
March 1, 19716
April 1, 19715.9
May 1, 19715.9
June 1, 19715.9
July 1, 19716
August 1, 19716.1
September 1, 19716
October 1, 19715.8
November 1, 19716
December 1, 19716
January 1, 19725.8
February 1, 19725.7
March 1, 19725.8
April 1, 19725.7
May 1, 19725.7
June 1, 19725.7
July 1, 19725.6
August 1, 19725.6
September 1, 19725.5
October 1, 19725.6
November 1, 19725.3
December 1, 19725.2
January 1, 19734.9
February 1, 19735
March 1, 19734.9
April 1, 19735
May 1, 19734.9
June 1, 19734.9
July 1, 19734.8
August 1, 19734.8
September 1, 19734.8
October 1, 19734.6
November 1, 19734.8
December 1, 19734.9
January 1, 19745.1
February 1, 19745.2
March 1, 19745.1
April 1, 19745.1
May 1, 19745.1
June 1, 19745.4
July 1, 19745.5
August 1, 19745.5
September 1, 19745.9
October 1, 19746
November 1, 19746.6
December 1, 19747.2
January 1, 19758.1
February 1, 19758.1
March 1, 19758.6
April 1, 19758.8
May 1, 19759
June 1, 19758.8
July 1, 19758.6
August 1, 19758.4
September 1, 19758.4
October 1, 19758.4
November 1, 19758.3
December 1, 19758.2
January 1, 19767.9
February 1, 19767.7
March 1, 19767.6
April 1, 19767.7
May 1, 19767.4
June 1, 19767.6
July 1, 19767.8
August 1, 19767.8
September 1, 19767.6
October 1, 19767.7
November 1, 19767.8
December 1, 19767.8
January 1, 19777.5
February 1, 19777.6
March 1, 19777.4
April 1, 19777.2
May 1, 19777
June 1, 19777.2
July 1, 19776.9
August 1, 19777
September 1, 19776.8
October 1, 19776.8
November 1, 19776.8
December 1, 19776.4
January 1, 19786.4
February 1, 19786.3
March 1, 19786.3
April 1, 19786.1
May 1, 19786
June 1, 19785.9
July 1, 19786.2
August 1, 19785.9
September 1, 19786
October 1, 19785.8
November 1, 19785.9
December 1, 19786
January 1, 19795.9
February 1, 19795.9
March 1, 19795.8
April 1, 19795.8
May 1, 19795.6
June 1, 19795.7
July 1, 19795.7
August 1, 19796
September 1, 19795.9
October 1, 19796
November 1, 19795.9
December 1, 19796
January 1, 19806.3
February 1, 19806.3
March 1, 19806.3
April 1, 19806.9
May 1, 19807.5
June 1, 19807.6
July 1, 19807.8
August 1, 19807.7
September 1, 19807.5
October 1, 19807.5
November 1, 19807.5
December 1, 19807.2
January 1, 19817.5
February 1, 19817.4
March 1, 19817.4
April 1, 19817.2
May 1, 19817.5
June 1, 19817.5
July 1, 19817.2
August 1, 19817.4
September 1, 19817.6
October 1, 19817.9
November 1, 19818.3
December 1, 19818.5
January 1, 19828.6
February 1, 19828.9
March 1, 19829
April 1, 19829.3
May 1, 19829.4
June 1, 19829.6
July 1, 19829.8
August 1, 19829.8
September 1, 198210.1
October 1, 198210.4
November 1, 198210.8
December 1, 198210.8
January 1, 198310.4
February 1, 198310.4
March 1, 198310.3
April 1, 198310.2
May 1, 198310.1
June 1, 198310.1
July 1, 19839.4
August 1, 19839.5
September 1, 19839.2
October 1, 19838.8
November 1, 19838.5
December 1, 19838.3
January 1, 19848
February 1, 19847.8
March 1, 19847.8
April 1, 19847.7
May 1, 19847.4
June 1, 19847.2
July 1, 19847.5
August 1, 19847.5
September 1, 19847.3
October 1, 19847.4
November 1, 19847.2
December 1, 19847.3
January 1, 19857.3
February 1, 19857.2
March 1, 19857.2
April 1, 19857.3
May 1, 19857.2
June 1, 19857.4
July 1, 19857.4
August 1, 19857.1
September 1, 19857.1
October 1, 19857.1
November 1, 19857
December 1, 19857
January 1, 19866.7
February 1, 19867.2
March 1, 19867.2
April 1, 19867.1
May 1, 19867.2
June 1, 19867.2
July 1, 19867
August 1, 19866.9
September 1, 19867
October 1, 19867
November 1, 19866.9
December 1, 19866.6
January 1, 19876.6
February 1, 19876.6
March 1, 19876.6
April 1, 19876.3
May 1, 19876.3
June 1, 19876.2
July 1, 19876.1
August 1, 19876
September 1, 19875.9
October 1, 19876
November 1, 19875.8
December 1, 19875.7
January 1, 19885.7
February 1, 19885.7
March 1, 19885.7
April 1, 19885.4
May 1, 19885.6
June 1, 19885.4
July 1, 19885.4
August 1, 19885.6
September 1, 19885.4
October 1, 19885.4
November 1, 19885.3
December 1, 19885.3
January 1, 19895.4
February 1, 19895.2
March 1, 19895
April 1, 19895.2
May 1, 19895.2
June 1, 19895.3
July 1, 19895.2
August 1, 19895.2
September 1, 19895.3
October 1, 19895.3
November 1, 19895.4
December 1, 19895.4
January 1, 19905.4
February 1, 19905.3
March 1, 19905.2
April 1, 19905.4
May 1, 19905.4
June 1, 19905.2
July 1, 19905.5
August 1, 19905.7
September 1, 19905.9
October 1, 19905.9
November 1, 19906.2
December 1, 19906.3
January 1, 19916.4
February 1, 19916.6
March 1, 19916.8
April 1, 19916.7
May 1, 19916.9
June 1, 19916.9
July 1, 19916.8
August 1, 19916.9
September 1, 19916.9
October 1, 19917
November 1, 19917
December 1, 19917.3
January 1, 19927.3
February 1, 19927.4
March 1, 19927.4
April 1, 19927.4
May 1, 19927.6
June 1, 19927.8
July 1, 19927.7
August 1, 19927.6
September 1, 19927.6
October 1, 19927.3
November 1, 19927.4
December 1, 19927.4
January 1, 19937.3
February 1, 19937.1
March 1, 19937
April 1, 19937.1
May 1, 19937.1
June 1, 19937
July 1, 19936.9
August 1, 19936.8
September 1, 19936.7
October 1, 19936.8
November 1, 19936.6
December 1, 19936.5
January 1, 19946.6
February 1, 19946.6
March 1, 19946.5
April 1, 19946.4
May 1, 19946.1
June 1, 19946.1
July 1, 19946.1
August 1, 19946
September 1, 19945.9
October 1, 19945.8
November 1, 19945.6
December 1, 19945.5
January 1, 19955.6
February 1, 19955.4
March 1, 19955.4
April 1, 19955.8
May 1, 19955.6
June 1, 19955.6
July 1, 19955.7
August 1, 19955.7
September 1, 19955.6
October 1, 19955.5
November 1, 19955.6
December 1, 19955.6
January 1, 19965.6
February 1, 19965.5
March 1, 19965.5
April 1, 19965.6
May 1, 19965.6
June 1, 19965.3
July 1, 19965.5
August 1, 19965.1
September 1, 19965.2
October 1, 19965.2
November 1, 19965.4
December 1, 19965.4
January 1, 19975.3
February 1, 19975.2
March 1, 19975.2
April 1, 19975.1
May 1, 19974.9
June 1, 19975
July 1, 19974.9
August 1, 19974.8
September 1, 19974.9
October 1, 19974.7
November 1, 19974.6
December 1, 19974.7
January 1, 19984.6
February 1, 19984.6
March 1, 19984.7
April 1, 19984.3
May 1, 19984.4
June 1, 19984.5
July 1, 19984.5
August 1, 19984.5
September 1, 19984.6
October 1, 19984.5
November 1, 19984.4
December 1, 19984.4
January 1, 19994.3
February 1, 19994.4
March 1, 19994.2
April 1, 19994.3
May 1, 19994.2
June 1, 19994.3
July 1, 19994.3
August 1, 19994.2
September 1, 19994.2
October 1, 19994.1
November 1, 19994.1
December 1, 19994
January 1, 20004
February 1, 20004.1
March 1, 20004
April 1, 20003.8
May 1, 20004
June 1, 20004
July 1, 20004
August 1, 20004.1
September 1, 20003.9
October 1, 20003.9
November 1, 20003.9
December 1, 20003.9
January 1, 20014.2
February 1, 20014.2
March 1, 20014.3
April 1, 20014.4
May 1, 20014.3
June 1, 20014.5
July 1, 20014.6
August 1, 20014.9
September 1, 20015
October 1, 20015.3
November 1, 20015.5
December 1, 20015.7
January 1, 20025.7
February 1, 20025.7
March 1, 20025.7
April 1, 20025.9
May 1, 20025.8
June 1, 20025.8
July 1, 20025.8
August 1, 20025.7
September 1, 20025.7
October 1, 20025.7
November 1, 20025.9
December 1, 20026
January 1, 20035.8
February 1, 20035.9
March 1, 20035.9
April 1, 20036
May 1, 20036.1
June 1, 20036.3
July 1, 20036.2
August 1, 20036.1
September 1, 20036.1
October 1, 20036
November 1, 20035.8
December 1, 20035.7
January 1, 20045.7
February 1, 20045.6
March 1, 20045.8
April 1, 20045.6
May 1, 20045.6
June 1, 20045.6
July 1, 20045.5
August 1, 20045.4
September 1, 20045.4
October 1, 20045.5
November 1, 20045.4
December 1, 20045.4
January 1, 20055.3
February 1, 20055.4
March 1, 20055.2
April 1, 20055.2
May 1, 20055.1
June 1, 20055
July 1, 20055
August 1, 20054.9
September 1, 20055
October 1, 20055
November 1, 20055
December 1, 20054.9
January 1, 20064.7
February 1, 20064.8
March 1, 20064.7
April 1, 20064.7
May 1, 20064.6
June 1, 20064.6
July 1, 20064.7
August 1, 20064.7
September 1, 20064.5
October 1, 20064.4
November 1, 20064.5
December 1, 20064.4
January 1, 20074.6
February 1, 20074.5
March 1, 20074.4
April 1, 20074.5
May 1, 20074.4
June 1, 20074.6
July 1, 20074.7
August 1, 20074.6
September 1, 20074.7
October 1, 20074.7
November 1, 20074.7
December 1, 20075
January 1, 20085
February 1, 20084.9
March 1, 20085.1
April 1, 20085
May 1, 20085.4
June 1, 20085.6
July 1, 20085.8
August 1, 20086.1
September 1, 20086.1
October 1, 20086.5
November 1, 20086.8
December 1, 20087.3
January 1, 20097.8
February 1, 20098.3
March 1, 20098.7
April 1, 20099
May 1, 20099.4
June 1, 20099.5
July 1, 20099.5
August 1, 20099.6
September 1, 20099.8
October 1, 200910
November 1, 20099.9
December 1, 20099.9
January 1, 20109.8
February 1, 20109.8
March 1, 20109.9
April 1, 20109.9
May 1, 20109.6
June 1, 20109.4
July 1, 20109.4
August 1, 20109.5
September 1, 20109.5
October 1, 20109.4
November 1, 20109.8
December 1, 20109.3
January 1, 20119.1
February 1, 20119
March 1, 20119
April 1, 20119.1
May 1, 20119
June 1, 20119.1
July 1, 20119
August 1, 20119
September 1, 20119
October 1, 20118.8
November 1, 20118.6
December 1, 20118.5
January 1, 20128.3
February 1, 20128.3
March 1, 20128.2
April 1, 20128.2
May 1, 20128.2
June 1, 20128.2
July 1, 20128.2
August 1, 20128.1
September 1, 20127.8
October 1, 20127.8
November 1, 20127.7
December 1, 20127.9
January 1, 20138
February 1, 20137.7
March 1, 20137.5
April 1, 20137.6
May 1, 20137.5
June 1, 20137.5
July 1, 20137.3
August 1, 20137.2
September 1, 20137.2
October 1, 20137.2
November 1, 20136.9
December 1, 20136.7
January 1, 20146.6
February 1, 20146.7
March 1, 20146.7
April 1, 20146.2
May 1, 20146.3
June 1, 20146.1
July 1, 20146.2
August 1, 20146.1
September 1, 20145.9
October 1, 20145.7
November 1, 20145.8
December 1, 20145.6
January 1, 20155.7
February 1, 20155.5
March 1, 20155.4
April 1, 20155.4
May 1, 20155.6
June 1, 20155.3
July 1, 20155.2
August 1, 20155.1
September 1, 20155
October 1, 20155
November 1, 20155.1
December 1, 20155
January 1, 20164.9
February 1, 20164.9
March 1, 20165
April 1, 20165
May 1, 20164.8
June 1, 20164.9
July 1, 20164.8
August 1, 20164.9
September 1, 20165
October 1, 20164.9
November 1, 20164.7
December 1, 20164.7
January 1, 20174.7
February 1, 20174.7
March 1, 20174.4
April 1, 20174.4
May 1, 20174.4
June 1, 20174.3
July 1, 20174.3
August 1, 20174.4
September 1, 20174.2
October 1, 20174.1
November 1, 20174.2
December 1, 20174.1
January 1, 20184.1
February 1, 20184.1
March 1, 20184
April 1, 20183.9
May 1, 20183.8
June 1, 20184
July 1, 20183.9
August 1, 20183.8
September 1, 20183.7
October 1, 20183.8
November 1, 20183.7
December 1, 20183.9
January 1, 20194
February 1, 20193.8
March 1, 20193.8
April 1, 20193.6
May 1, 20193.6

Graphic 2: The US Labour force participation rate in percent since 1970

The US Labour force participation rate in percent since 1970

YearLabour force participation rate
January 1, 197060.4
February 1, 197060.4
March 1, 197060.6
April 1, 197060.6
May 1, 197060.3
June 1, 197060.2
July 1, 197060.4
August 1, 197060.3
September 1, 197060.2
October 1, 197060.4
November 1, 197060.4
December 1, 197060.4
January 1, 197160.4
February 1, 197160.1
March 1, 197160
April 1, 197160.1
May 1, 197160.2
June 1, 197159.8
July 1, 197160.1
August 1, 197160.2
September 1, 197160.1
October 1, 197160.1
November 1, 197160.4
December 1, 197160.4
January 1, 197260.2
February 1, 197260.2
March 1, 197260.5
April 1, 197260.4
May 1, 197260.4
June 1, 197260.4
July 1, 197260.4
August 1, 197260.6
September 1, 197260.4
October 1, 197260.3
November 1, 197260.3
December 1, 197260.5
January 1, 197360
February 1, 197360.5
March 1, 197360.8
April 1, 197360.8
May 1, 197360.6
June 1, 197360.9
July 1, 197360.9
August 1, 197360.7
September 1, 197360.8
October 1, 197360.9
November 1, 197361.2
December 1, 197361.2
January 1, 197461.3
February 1, 197461.4
March 1, 197461.3
April 1, 197461.1
May 1, 197461.2
June 1, 197461.2
July 1, 197461.4
August 1, 197461.2
September 1, 197461.4
October 1, 197461.3
November 1, 197461.3
December 1, 197461.2
January 1, 197561.4
February 1, 197561
March 1, 197561.2
April 1, 197561.3
May 1, 197561.5
June 1, 197561.2
July 1, 197561.3
August 1, 197561.3
September 1, 197561.2
October 1, 197561.2
November 1, 197561.1
December 1, 197561.1
January 1, 197661.3
February 1, 197661.3
March 1, 197661.3
April 1, 197661.6
May 1, 197661.5
June 1, 197661.5
July 1, 197661.8
August 1, 197661.8
September 1, 197661.6
October 1, 197661.6
November 1, 197661.9
December 1, 197661.8
January 1, 197761.6
February 1, 197761.9
March 1, 197762
April 1, 197762.1
May 1, 197762.2
June 1, 197762.4
July 1, 197762.1
August 1, 197762.3
September 1, 197762.3
October 1, 197762.4
November 1, 197762.8
December 1, 197762.7
January 1, 197862.8
February 1, 197862.7
March 1, 197862.8
April 1, 197863
May 1, 197863.1
June 1, 197863.3
July 1, 197863.2
August 1, 197863.2
September 1, 197863.3
October 1, 197863.3
November 1, 197863.5
December 1, 197863.6
January 1, 197963.6
February 1, 197963.8
March 1, 197963.8
April 1, 197963.5
May 1, 197963.3
June 1, 197963.5
July 1, 197963.6
August 1, 197963.6
September 1, 197963.8
October 1, 197963.7
November 1, 197963.7
December 1, 197963.9
January 1, 198064
February 1, 198064
March 1, 198063.7
April 1, 198063.8
May 1, 198063.9
June 1, 198063.7
July 1, 198063.8
August 1, 198063.7
September 1, 198063.6
October 1, 198063.7
November 1, 198063.8
December 1, 198063.6
January 1, 198163.9
February 1, 198163.9
March 1, 198164.1
April 1, 198164.2
May 1, 198164.3
June 1, 198163.7
July 1, 198163.8
August 1, 198163.8
September 1, 198163.5
October 1, 198163.8
November 1, 198163.9
December 1, 198163.6
January 1, 198263.7
February 1, 198263.8
March 1, 198263.8
April 1, 198263.9
May 1, 198264.2
June 1, 198263.9
July 1, 198264
August 1, 198264.1
September 1, 198264.1
October 1, 198264.1
November 1, 198264.2
December 1, 198264.1
January 1, 198363.9
February 1, 198363.8
March 1, 198363.7
April 1, 198363.8
May 1, 198363.7
June 1, 198364.3
July 1, 198364.1
August 1, 198364.3
September 1, 198364.3
October 1, 198364
November 1, 198364.1
December 1, 198364.1
January 1, 198463.9
February 1, 198464.1
March 1, 198464.1
April 1, 198464.3
May 1, 198464.5
June 1, 198464.6
July 1, 198464.6
August 1, 198464.4
September 1, 198464.4
October 1, 198464.4
November 1, 198464.5
December 1, 198464.6
January 1, 198564.7
February 1, 198564.7
March 1, 198564.9
April 1, 198564.9
May 1, 198564.8
June 1, 198564.6
July 1, 198564.7
August 1, 198564.6
September 1, 198564.9
October 1, 198565
November 1, 198564.9
December 1, 198565
January 1, 198664.9
February 1, 198665
March 1, 198665.1
April 1, 198665.1
May 1, 198665.2
June 1, 198665.4
July 1, 198665.4
August 1, 198665.3
September 1, 198665.4
October 1, 198665.4
November 1, 198665.4
December 1, 198665.3
January 1, 198765.4
February 1, 198765.5
March 1, 198765.5
April 1, 198765.4
May 1, 198765.7
June 1, 198765.5
July 1, 198765.6
August 1, 198765.7
September 1, 198765.5
October 1, 198765.7
November 1, 198765.7
December 1, 198765.7
January 1, 198865.8
February 1, 198865.9
March 1, 198865.7
April 1, 198865.8
May 1, 198865.7
June 1, 198865.8
July 1, 198865.9
August 1, 198866.1
September 1, 198865.9
October 1, 198866
November 1, 198866.2
December 1, 198866.1
January 1, 198966.5
February 1, 198966.3
March 1, 198966.3
April 1, 198966.4
May 1, 198966.3
June 1, 198966.5
July 1, 198966.5
August 1, 198966.5
September 1, 198966.4
October 1, 198966.5
November 1, 198966.6
December 1, 198966.5
January 1, 199066.8
February 1, 199066.7
March 1, 199066.7
April 1, 199066.6
May 1, 199066.6
June 1, 199066.4
July 1, 199066.5
August 1, 199066.5
September 1, 199066.4
October 1, 199066.4
November 1, 199066.4
December 1, 199066.4
January 1, 199166.2
February 1, 199166.2
March 1, 199166.3
April 1, 199166.4
May 1, 199166.2
June 1, 199166.2
July 1, 199166.1
August 1, 199166
September 1, 199166.2
October 1, 199166.1
November 1, 199166.1
December 1, 199166
January 1, 199266.3
February 1, 199266.2
March 1, 199266.4
April 1, 199266.5
May 1, 199266.6
June 1, 199266.7
July 1, 199266.7
August 1, 199266.6
September 1, 199266.5
October 1, 199266.2
November 1, 199266.3
December 1, 199266.3
January 1, 199366.2
February 1, 199366.2
March 1, 199366.2
April 1, 199366.1
May 1, 199366.4
June 1, 199366.5
July 1, 199366.4
August 1, 199366.4
September 1, 199366.2
October 1, 199366.3
November 1, 199366.3
December 1, 199366.4
January 1, 199466.6
February 1, 199466.6
March 1, 199466.5
April 1, 199466.5
May 1, 199466.6
June 1, 199466.4
July 1, 199466.4
August 1, 199466.6
September 1, 199466.6
October 1, 199466.7
November 1, 199466.7
December 1, 199466.7
January 1, 199566.8
February 1, 199566.8
March 1, 199566.7
April 1, 199566.9
May 1, 199566.5
June 1, 199566.5
July 1, 199566.6
August 1, 199566.6
September 1, 199566.6
October 1, 199566.6
November 1, 199566.5
December 1, 199566.4
January 1, 199666.4
February 1, 199666.6
March 1, 199666.6
April 1, 199666.7
May 1, 199666.7
June 1, 199666.7
July 1, 199666.9
August 1, 199666.7
September 1, 199666.9
October 1, 199667
November 1, 199667
December 1, 199667
January 1, 199767
February 1, 199766.9
March 1, 199767.1
April 1, 199767.1
May 1, 199767.1
June 1, 199767.1
July 1, 199767.2
August 1, 199767.2
September 1, 199767.1
October 1, 199767.1
November 1, 199767.2
December 1, 199767.2
January 1, 199867.1
February 1, 199867.1
March 1, 199867.1
April 1, 199867
May 1, 199867
June 1, 199867
July 1, 199867
August 1, 199867
September 1, 199867.2
October 1, 199867.2
November 1, 199867.1
December 1, 199867.2
January 1, 199967.2
February 1, 199967.2
March 1, 199967
April 1, 199967.1
May 1, 199967.1
June 1, 199967.1
July 1, 199967.1
August 1, 199967
September 1, 199967
October 1, 199967
November 1, 199967.1
December 1, 199967.1
January 1, 200067.3
February 1, 200067.3
March 1, 200067.3
April 1, 200067.3
May 1, 200067.1
June 1, 200067.1
July 1, 200066.9
August 1, 200066.9
September 1, 200066.9
October 1, 200066.8
November 1, 200066.9
December 1, 200067
January 1, 200167.2
February 1, 200167.1
March 1, 200167.2
April 1, 200166.9
May 1, 200166.7
June 1, 200166.7
July 1, 200166.8
August 1, 200166.5
September 1, 200166.8
October 1, 200166.7
November 1, 200166.7
December 1, 200166.7
January 1, 200266.5
February 1, 200266.8
March 1, 200266.6
April 1, 200266.7
May 1, 200266.7
June 1, 200266.6
July 1, 200266.5
August 1, 200266.6
September 1, 200266.7
October 1, 200266.6
November 1, 200266.4
December 1, 200266.3
January 1, 200366.4
February 1, 200366.4
March 1, 200366.3
April 1, 200366.4
May 1, 200366.4
June 1, 200366.5
July 1, 200366.2
August 1, 200366.1
September 1, 200366.1
October 1, 200366.1
November 1, 200366.1
December 1, 200365.9
January 1, 200466.1
February 1, 200466
March 1, 200466
April 1, 200465.9
May 1, 200466
June 1, 200466.1
July 1, 200466.1
August 1, 200466
September 1, 200465.8
October 1, 200465.9
November 1, 200466
December 1, 200465.9
January 1, 200565.8
February 1, 200565.9
March 1, 200565.9
April 1, 200566.1
May 1, 200566.1
June 1, 200566.1
July 1, 200566.1
August 1, 200566.2
September 1, 200566.1
October 1, 200566.1
November 1, 200566
December 1, 200566
January 1, 200666
February 1, 200666.1
March 1, 200666.2
April 1, 200666.1
May 1, 200666.1
June 1, 200666.2
July 1, 200666.1
August 1, 200666.2
September 1, 200666.1
October 1, 200666.2
November 1, 200666.3
December 1, 200666.4
January 1, 200766.4
February 1, 200766.3
March 1, 200766.2
April 1, 200765.9
May 1, 200766
June 1, 200766
July 1, 200766
August 1, 200765.8
September 1, 200766
October 1, 200765.8
November 1, 200766
December 1, 200766
January 1, 200866.2
February 1, 200866
March 1, 200866.1
April 1, 200865.9
May 1, 200866.1
June 1, 200866.1
July 1, 200866.1
August 1, 200866.1
September 1, 200866
October 1, 200866
November 1, 200865.9
December 1, 200865.8
January 1, 200965.7
February 1, 200965.8
March 1, 200965.6
April 1, 200965.7
May 1, 200965.7
June 1, 200965.7
July 1, 200965.5
August 1, 200965.4
September 1, 200965.1
October 1, 200965
November 1, 200965
December 1, 200964.6
January 1, 201064.8
February 1, 201064.9
March 1, 201064.9
April 1, 201065.2
May 1, 201064.9
June 1, 201064.6
July 1, 201064.6
August 1, 201064.7
September 1, 201064.6
October 1, 201064.4
November 1, 201064.6
December 1, 201064.3
January 1, 201164.2
February 1, 201164.1
March 1, 201164.2
April 1, 201164.2
May 1, 201164.1
June 1, 201164
July 1, 201164
August 1, 201164.1
September 1, 201164.2
October 1, 201164.1
November 1, 201164.1
December 1, 201164
January 1, 201263.7
February 1, 201263.8
March 1, 201263.8
April 1, 201263.7
May 1, 201263.7
June 1, 201263.8
July 1, 201263.7
August 1, 201263.5
September 1, 201263.6
October 1, 201263.8
November 1, 201263.6
December 1, 201263.7
January 1, 201363.7
February 1, 201363.4
March 1, 201363.3
April 1, 201363.4
May 1, 201363.4
June 1, 201363.4
July 1, 201363.3
August 1, 201363.3
September 1, 201363.2
October 1, 201362.8
November 1, 201363
December 1, 201362.9
January 1, 201462.9
February 1, 201462.9
March 1, 201463.1
April 1, 201462.8
May 1, 201462.9
June 1, 201462.8
July 1, 201462.9
August 1, 201462.9
September 1, 201462.8
October 1, 201462.9
November 1, 201462.9
December 1, 201462.8
January 1, 201562.9
February 1, 201562.7
March 1, 201562.6
April 1, 201562.7
May 1, 201562.9
June 1, 201562.6
July 1, 201562.6
August 1, 201562.6
September 1, 201562.4
October 1, 201562.5
November 1, 201562.6
December 1, 201562.7
January 1, 201662.7
February 1, 201662.8
March 1, 201662.9
April 1, 201662.8
May 1, 201662.7
June 1, 201662.7
July 1, 201662.8
August 1, 201662.9
September 1, 201662.9
October 1, 201662.8
November 1, 201662.7
December 1, 201662.7
January 1, 201762.9
February 1, 201762.9
March 1, 201762.9
April 1, 201762.9
May 1, 201762.8
June 1, 201762.8
July 1, 201762.9
August 1, 201762.9
September 1, 201763.1
October 1, 201762.7
November 1, 201762.8
December 1, 201762.7
January 1, 201862.7
February 1, 201863
March 1, 201862.9
April 1, 201862.8
May 1, 201862.8
June 1, 201862.9
July 1, 201862.9
August 1, 201862.7
September 1, 201862.7
October 1, 201862.9
November 1, 201862.9
December 1, 201863.1
January 1, 201963.2
February 1, 201963.2
March 1, 201963
April 1, 201962.8
May 1, 201962.8

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Peter Lundgreen
Peter Lundgreen is the founding CEO of Lundgreen’s Capital, the leading independent advisor to Danish municipalities. He is armed with a solid 30-year experience in the finance industry and has been sharing his financial and economic know-how through finance advisory over the past decades. Although based in Denmark, Peter’s expertise transcends the European financial zone and market as he was able to successfully create a high level of proficiency and competency over major global economies and financial markets, particularly in China. Peter Lundgreen is an opinion columnist for the CEOWORLD magazine. Follow him on LinkedIn.