The writer is president of Queens’ College, Cambridge university, and adviser to Allianz and Gramercy
As US president-elect Joe Biden contemplates his first 100 days in office, he should consider what can be done over time to reduce the extreme codependency that developed between his predecessor and the US stock market.
Mr Biden is unlikely to put this very high up on the list of challenges he faces. However, the longer he delays in deciding and communicating his approach, the greater the likelihood that he will confront the same dilemma the current leaders of the US Federal Reserve and European Central Bank faced early in their tenures. He might wish to do one thing and be forced into the opposite course of action.
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