
Fathom calculates, and publishes on Datastream, the optimal interest rate, as implied by John Taylor’s 1993 policy rate rule,[1] for a range of advanced economies. On the one hand, these Taylor rule-implied rates fell across several developed markets in 2019 Q1, including in the US and Japan for the first time since 2015 and 2016, respectively. This mirrors a more dovish stance taken by central banks in the US, Japan and Europe over the past few months, amid concerns about slowing global growth. The falls in implied rates were partly driven by swings in the oil price, which affects headline