Hawkish Monetary Policy Can't Help on Supply-Side Driven Inflation -- Market Talk

Dow Jones03-25 14:07

0607 GMT - The longer oil prices stay high, the longer central banks will feel obligated to sound as if they will tighten policy, Macquarie Group's Thierry Wizman says in a note. "Yet 'hawkish" policies that come in response to supply-side induced inflation have been proven (empirically) to be the cause of much more financial stress than when monetary policy comes in response to an inflation that is demand-driven," the global FX and rates strategist says. Through the channel of monetary policy, the War and 'financial stress' are inextricably linked, and there is now a steep empirical trade-off between price stability and financial stability, he says. (emese.bartha@wsj.com)

(END) Dow Jones Newswires

March 25, 2026 02:07 ET (06:07 GMT)

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2622044091?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-03-25 14:07","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2622044091","market":"fut","top_or_hot":-1,"title":"Hawkish Monetary Policy Can't Help on Supply-Side Driven Inflation -- Market Talk","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0607 GMT - The longer oil prices stay high, the longer central banks will feel obligated to sound as if they will tighten policy, <a href=\"https://laohu8.com/S/MQG.AU\">Macquarie</a> Group's Thierry Wizman says in a note. \"Yet 'hawkish\" policies that come in response to supply-side induced inflation have been proven (empirically) to be the cause of much more financial stress than when monetary policy comes in response to an inflation that is demand-driven,\" the global FX and rates strategist says. Through the channel of monetary policy, the War and 'financial stress' are inextricably linked, and there is now a steep empirical trade-off between price stability and financial stability, he says. (emese.bartha@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 25, 2026 02:07 ET (06:07 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hawkish Monetary Policy Can't Help on Supply-Side Driven Inflation -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHawkish Monetary Policy Can't Help on Supply-Side Driven Inflation -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-03-25 14:07</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0607 GMT - The longer oil prices stay high, the longer central banks will feel obligated to sound as if they will tighten policy, <a href=\"https://laohu8.com/S/MQG.AU\">Macquarie</a> Group's Thierry Wizman says in a note. \"Yet 'hawkish\" policies that come in response to supply-side induced inflation have been proven (empirically) to be the cause of much more financial stress than when monetary policy comes in response to an inflation that is demand-driven,\" the global FX and rates strategist says. Through the channel of monetary policy, the War and 'financial stress' are inextricably linked, and there is now a steep empirical trade-off between price stability and financial stability, he says. (emese.bartha@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 25, 2026 02:07 ET (06:07 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2622044091","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2622044091","pubTimestamp":1774418820,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0607 GMT - The longer oil prices stay high, the longer central banks will feel obligated to sound as if they will tighten policy, Macquarie Group's Thierry Wizman says in a note. \"Yet 'hawkish\" policies that come in response to supply-side induced inflation have been proven  to be the cause of much more financial stress than when monetary policy comes in response to an inflation that is demand-driven,\" the global FX and rates strategist says. Through the channel of monetary policy, the War and 'financial stress' are inextricably linked, and there is now a steep empirical trade-off between price stability and financial stability, he says. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"鹰派货币政策无助于应对供给侧驱动的通胀——市场讨论","themeId":"8603dabb40994e59ac78c04c930c0d49","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{},"content_text":"0607 GMT - The longer oil prices stay high, the longer central banks will feel obligated to sound as if they will tighten policy, Macquarie Group's Thierry Wizman says in a note. \"Yet 'hawkish\" policies that come in response to supply-side induced inflation have been proven (empirically) to be the cause of much more financial stress than when monetary policy comes in response to an inflation that is demand-driven,\" the global FX and rates strategist says. Through the channel of monetary policy, the War and 'financial stress' are inextricably linked, and there is now a steep empirical trade-off between price stability and financial stability, he says. (emese.bartha@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  March 25, 2026 02:07 ET (06:07 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":false,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.38.0","shortVersion":"4.38.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2622044091","isCrawlerRequest":true}