UBS

Germany

21 March 2019: The debate over Modern Monetary Theory

– Modern Monetary Theory (MMT) argues that running bigger deficits and printing money to finance them may not be a problem. This view is influencing the political debate in the US and elsewhere.

– Detractors fear MMT is impractical, and would result in inflation, higher rates, and lower growth.

– Whether it’s MMT or not, fiscal expansion is back on the policy agenda and we need to take this into account when building portfolios.

– We remain risk-on but have reduced our equity exposure and increased our downside protection by rolling up the strike on our S&P 500 put option.

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