Nikhil Sanghani

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Articles

Five fiscal trends to watch in 2025

Jan 13, 2025 | ippmedia.com | Nikhil Sanghani

Central banks are no longer the only game in town. Fiscal policy is becoming an increasingly important driver of economic and financial market outcomes amid growing sovereign debt across the advanced and emerging world. By Nikhil Sanghani Here are five fiscal themes to look out for throughout 2025. Are the bond vigilantes returning? Tax cuts are coming in the US. Yet, at this stage, the scale that will be passed by US president-elect Donald Trump’s administration is unknown.
Outlook 2025: Five fiscal trends to watch

Jan 10, 2025 | omfif.org | Nikhil Sanghani

Central banks are no longer the only game in town. Fiscal policy is becoming an increasingly important driver of economic and financial market outcomes amid growing sovereign debt across the advanced and emerging world. Here are five fiscal themes to look out for throughout 2025. Are the bond vigilantes returning? Tax cuts are coming in the US. Yet, at this stage, the scale that will be passed by US president-elect Donald Trump’s administration is unknown.
How US Treasury market changes are shaping central banks’ strategies

Dec 2, 2024 | omfif.org | Nikhil Sanghani

US Treasuries form the backbone of global financial markets and are a critical component of central bank reserve managers’ portfolios. It is widely recognised as a deep, liquid and safe asset, but the Treasury market is being transformed by changes in policy, regulation and structure. OMFIF, in partnership with BNY, hosted a discussion on this key issue – and the implication for reserve managers – at the sidelines of the International Monetary Fund-World Bank meetings in Washington DC in October.
UK budget: Reeves must be more ambitious on long-term issues

Oct 30, 2024 | omfif.org | Nikhil Sanghani

Chancellor of the Exchequer Rachel Reeves’ first budget raises questions about whether fresh tax rises will be enough to stabilise the UK’s public finances, while potentially hampering the government’s goal of becoming the fastest growing G7 economy. Amid the debate about tax changes, there is also an important tweak to the fiscal framework to carve out more space for capital expenditure for the long term.
UK’s relative stability amid storm-tossed seas

Jul 5, 2024 | omfif.org | Meghnad Desai |David Marsh |Nikhil Sanghani

Britain is set for a period of relative political and economic calm under Prime Minister Keir Starmer, but it cannot avoid turbulent crosscurrents from the rest of Europe and the wider world. The hitherto opposition Labour party looks ready for a possible decade in power over two consecutive terms. Its landslide election win on 4 July saw the ruling Conservatives heavily punished for a badly managed withdrawal from the European Union and a string of further policy failures.
It’s time to rethink public spending

Jun 27, 2024 | omfif.org | Nikhil Sanghani

A key political battleground for the Conservative and Labour parties ahead of the UK general election is how they will balance the books. The near-term focus on fiscal sustainability is necessary in the UK and much of the world. But the current discourse overlooks the looming cost of longer-term fiscal issues, such as tackling climate change and ageing populations. Having better metrics to bring such long-term problems into the present may help to prompt more decisive action now.
Mexico: Sheinbaum needs reforms to enable nearshoring nirvana

Jun 3, 2024 | omfif.org | Nikhil Sanghani

The prospect of a left-leaning Mexican government and a Donald Trump presidency in the US frightened investors in Mexico almost a decade ago, but not now. The political situation is more stable and there is optimism over the potential economic gains from ‘nearshoring’. Claudia Sheinbaum, Mexico’s newly-elected president, will need to push through structural reforms for the country to take full advantage of this opportunity. Mexico’s presidential election resulted in a widely expected outcome.
Outlook 2024: The three Ds of reserve management

Jan 15, 2024 | omfif.org | Nikhil Sanghani

This year, central bank reserve management will be shaped by three Ds: de-dollarisation, diversification and deployment. How these trends play out could have an important bearing on currency and asset markets. De-dollarisationThe topic of de-dollarisation has grabbed the headlines over the past year. One group seemingly keen to reduce its reliance on the greenback is the newly expanded Brics bloc.
Global public funds favour India over China

Dec 8, 2023 | omfif.org | Nikhil Sanghani

Global public pension and sovereign funds are becoming more wary about China due to concerns over regulation and geopolitics. India appears to be a more appealing emerging market in this environment. This is a key message that emerges from OMFIF’s Global Public Pensions 2023 report. The report draws on contributions from 22 global public funds across the world with combined assets under management of $4.3tn.
Greening portfolios is simple, real-world decarbonisation is not

Nov 13, 2023 | omfif.org | Nikhil Sanghani

If public investors want to decarbonise their portfolios, the solution is simple. They should simply divest from positions in carbon-intensive sectors. The difficulty for asset owners is to drive the green transition in the real world. Active engagement with portfolio companies is crucial to achieve this goal. This is a key message that emerged from the Global transition finance summit 2023 in Singapore, an event organised by OMFIF and the Singapore Exchange.