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The chief executive of Credit Suisse has sharply altered his view on global central banks, telling CNBC that policymakers have been handling the current environment "very well."
"You have heard me previously taking about QE (quantitative easing) in a negative way. I was worried about the exit strategy a few years back. I have got to say ... that they (central banks) have handled this very well," Tidjane Thiam told CNBC.
Central banks have embarked on a low interest rate policy in the wake of the financial crisis, which has lowered banks' profitability. However, with the recent pick-up in the global economy, central bankers in the U.S., Europe and the U.K. have started slowing down their asset purchase programs or even lifting benchmark rates. This change in strategy if abruptly done or ill-communicated could spark a sell-off in markets as investors quickly change their perspectives. But, as yet, that hasn't been the case.
"What gives a lot of comfort to the market is the way communication around this has gone and the execution of the shrinkage of the balance sheets is doing very well. As long as they can keep that going, I think we will be fine," Thiam added.
Another ongoing issue that could prove beneficial for banks is tax reform in the U.S. Thiam told CNBC that such plans are positive not only for the U.S. economy, but also for the banking system.
"If it goes through it will be a positive for the U.S. economy, for earnings and therefore positive for banks," Thiam told CNBC.
"So I think the market is being rational in reacting like this to a potential tax reform," he added.
Investors have been optimistic, slowly pricing in plans from President Donald Trump to change the tax system in the U.S. One of the most relevant aspects of the tax reform is to reduce the corporate tax rate. Trump wants this to fall to 20 percent from the current 35 percent, but some lawmakers oppose such a significant cut.