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Listen to Powell’s Advice in Jackson Hole
President Jokowi should accept the situation by not forcing more policies to boost economic growth. An important message from the Federal Reserve Chair Jerome Powell deserves consideration.
Market Pulse Edisi : Monday, 5 September 2022
The Vicious Cycle of Inflation and Interest
Our condition will be tough. After surviving the first semester of 2022 with good performance, Indonesia’s economy must anticipate inflationary shocks, interest rate hikes, and slowdowns. However, this is not the end of the world.
Market Pulse Edisi : Monday, 29 August 2022
Increasingly Unrealistic Subsidy Policy
Much evidence has shown that injecting fuel subsidies is becoming increasingly unrealistic. If the government opts to continue, the credibility of its budget can slip even further. Pertamina and the government’s finances will not be able to bear the mounting losses.
Market Pulse Edisi : Monday, 22 August 2022
Hit the Break before Overheating
Indonesia has enjoyed an economic growth for five consecutive quarters. However, before falling for the song, we ought to look at some data.
Market Pulse Edisi : Monday, 8 August 2022
Struggling to Absorb Government Bonds
BANK Indonesia's action to hold interest rates triggered the flight of foreign capital. Domestic investors will find it difficult to absorb government bonds.
Market Pulse Edisi : Monday, 1 August 2022
Alarms Have Sounded in the Commodity Market
What is happening in the commodity market should be ringing alarm bells for investors, and especially for the economic authorities in Indonesia.
Market Pulse Edisi : Monday, 18 July 2022
The Double Threats
Foreign capital increased, while the trade surplus decreased. Double hits push the world to the brink of recession.
Market Pulse Edisi : Monday, 11 July 2022
Time for Strategy Correction
Annual inflation in Indonesia is at the highest in the last five years. The government and Bank Indonesia must correct their fiscal and monetary policies to prevent even more uncontrollable inflation.
Market Pulse Edisi : Monday, 4 July 2022
The Risk of Behind the Curve
Holding interest rate when external conditions are volatile would neither maintain the stability of the rupiah nor hold inflation at bay.
Market Pulse Edisi : Monday, 27 June 2022
The Central Bank’s Complicated Choice
Bank Indonesia now must weather an entirely different financial storm compared to the previous two months. Three negative factors are working in tandem: rising inflation, rising Fed rates, and a volatile financial market.
Market Pulse Edisi : Monday, 20 June 2022
Buoyed by Sunny Projections
The World Bank projects the Indonesian economy to grow by 5.1 percent this year, only 0.1 percent lower than its calculations in January. It is shadowed by inflation and budget swelling due to subsidies.
Market Pulse Edisi : Monday, 13 June 2022
Investor’s Signal Fell on Deaf Ears
Foreign investors quit government bonds due to reckless macroeconomic policies. The government faces big risks due to subsidies.
Market Pulse Edisi : Monday, 6 June 2022
Erratic Policy Threatens the Safety Cushion
When export earnings have been playing a huge part in saving the economy, the government should be careful. Banning exports will only add to the risk that threatens the safety cushion of the Indonesian economy.
Market Pulse Edisi : Monday, 30 May 2022
Big and Neglected Risks of Subsidy
When the interest rates climb high and global liquidity dries up, additional debt could create a massive burden for many years to come.
Market Pulse Edisi : Sunday, 22 May 2022
Dangerously Pushing for Growth
Forcing economic growth in such volatile conditions is a dangerous policy. It is akin to driving a bus through a hailstorm. As long as it does not slow down immediately, the bus is at risk of crashing anytime.
Market Pulse Edisi : Monday, 16 May 2022
Recovering Together, or Stumbling Together?
Amidst the optimism of recovery, there are several threats to the global economy. How about Indonesia?
Market Pulse Edisi : Monday, 9 May 2022
The Risks of Global Economy Slump Ignored
The Indonesian government did not factor in the risk of global economy slowdown in their policies.
Market Pulse Edisi : Thursday, 28 April 2022
Thermopylae
Freedom is always fragile. People always need the will to fight for it, whether in Ancient Greece or in Mariupol in the 21st century.
Sidelines Edisi : Thursday, 28 April 2022
A Sad Story of Palm Oil Extreme Measures
The Indonesian government plans to ban the export of crude palm oil (CPO) starting on April 28. This policy could bring some serious consequences.
Market Pulse Edisi : Monday, 25 April 2022
Desperately Avoiding the Inevitable
European Union’s plan to embargo Russia again rises world oil prices. The increase in fuel prices is a bet for Pertamina’s finance.
Market Pulse Edisi : Monday, 18 April 2022
Empathy to Brace the Inflation Storm
The Indonesian government, corporations, and consumers must be ready to face a global inflation storm that is starting to happen and intensify.
Market Pulse Edisi : Monday, 11 April 2022
A Stubborn Folly against the Market
Inflation, a global phenomenon now, is inescapable. But, there are various policy options to mitigate its effects, not to fight it head-on by forcing lower prices.
Market Pulse Edisi : Monday, 4 April 2022
The Hypocritical Politics of Fuel Subsidies
Once upon a time on 2015, President Joko Widodo stopped fuel subsidies. Instead of spending money that favors private car owners, the government would rather used it for more urgent needs. Many people gave two thumbs up and applauded this policy.
Market Pulse Edisi : Monday, 28 March 2022
A Long Rally Brings Heavy Burden
The rise in the Fed’s interest rates will sooner or later creep into domestic interest rates. Bank Indonesia must rewrite its scenario.
Market Pulse Edisi : Monday, 21 March 2022
Brace, Huge Challenges Ahead
World oil prices soar due to the Russia-Ukraine war. What are its impacts on Indonesia?
Market Pulse Edisi : Monday, 14 March 2022
The Boons of War against the Threat of Interest Hike
The Russia-Ukraine war raises the prices of Indonesia’s export commodities. Financial markets are still under threat.
Market Pulse Edisi : Monday, 7 March 2022
The (Economic) World War Has Broken
The consequences of the Russia-Ukraine conflict are dire, not just for the financial market but also for the global economy which is still in tatters and recovering.
Market Pulse Edisi : Monday, 28 February 2022
A Different Tantrum
This coming market tantrum is indeed different from the previous one. But, there is no certainty, how severe or how light its effect is.
Market Pulse Edisi : Monday, 21 February 2022
Reckless and Imprudent when the Risks Increasing
The government is taking on policies that are very far removed from rational economic consideration. As a matter of fact, its decisions have a negative impact on growth. What are those?
Market Pulse Edisi : Monday, 14 February 2022
An Inevitable Rise in Interest
High inflation occurs everywhere. Consumers are the bearers of the heaviest burden.
Market Pulse Edisi : Monday, 7 February 2022
Dear Leaders, Heed This Advice!
One of the key points of the IMF team recommendation: Bank Indonesia to exit from monetary budget financing before the end of 2022.
Market Pulse Edisi : Monday, 31 January 2022
When Cheap and Easy Money Comes to an End
Inflation in the United States hits the highest record in the last 40 years. It is a big risk for Indonesia
Market Pulse Edisi : Monday, 17 January 2022
Costly Show of Force on Coal Policy
The government bans coal export for the whole month of January after coal miners fail to fulfill their DMO to supply coal for PLN. This show of force is clearly not the right way to solve the coal crisis.
Market Pulse Edisi : Monday, 10 January 2022
The Year of Fighting Inflation
Getting into 2022, the fight against inflation will be an important narrative that determines the movement of the global market.
Market Pulse Edisi : Monday, 3 January 2022
Still Burdened by Debt Monetization
Experience from 2013 has shown that when the Fed reduces liquidity injections and raises interest rates, the resulting wave of capital reallocations can hurt the financial markets of emerging economies, including Indonesia.
Market Pulse Edisi : Monday, 27 December 2021
A Certainty in the Chaos
The fear of tapering and higher interest rates after the Fed Chair Jay Powell's testimony to the Senate caused global stock prices to fall rapidly, including in Indonesia.
Market Pulse Edisi : Monday, 13 December 2021
Rupiah’s Heavy Burdens Next Year
The tightening of the US dollar liquidity in the global market which is immediately followed up by a rise in interest rates will create a great shock to the market. Emerging economies like Indonesia will face high pressures.
Market Pulse Edisi : Monday, 6 December 2021
Difficult Time for Replacing Dangerous Man
That negative sentiment of political push and pull and the choice of monetary policy in the US will spread to the Indonesian market.
Market Pulse Edisi : Monday, 22 November 2021
The Lucky Ones in the Time of Turmoil
But just because the market remained calm, even in Indonesia, it does not mean the storm has passed. The Fed’s policy change for liquidity is certain to have effects on the composition of foreign-owned portfolio investment funds in Indonesia.
Market Pulse Edisi : Monday, 8 November 2021
Most Hated and More Expensive Culprit
World leaders started the Conference of Climate Change in Glasgow this Sunday in the middle of rising energy prices. A test of decarbonization commitment.