Policymakers and regulators: More discipline, less fear of missing out for 2020

GOVERNMENTS and markets are entering the new year in a state of uneasy calm.

The US Treasury yield curve is no longer inverted, stock markets are climbing again, US-China trade talks seem to be progressing well and fears of a major recession seem to have subsided. The bears may have been driven back to their caves, but if logic and history are any indication, their time will come, even if they have trouble predicting the right moment to emerge.

As governments and regulators start the new calendar, they should chart a path focused more on creating resilience and less on the fear of missing out.