United States: Cadwalader Corner Q&A: BNY Mellon’s Jason Granet
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Jason Granet is Chief Investment Officer at BNY Mellon, responsible for managing the firm’s securities portfolio as well as BNY Mellon’s LIBOR transition efforts. Prior to joining BNY Mellon in 2021, Jason spent more than 20 years at Goldman Sachs in various leadership roles, including as Head of Goldman Sachs Global LIBOR Transition.
The Federal Reserve is expected to raise interest rates at its next policy meeting. What do you think will be the impact of this decision?
Many of the Fed’s significant actions over the past two years were tied to the economic impact created by COVID-19. But now we have this inflation backdrop and the Fed is starting to tighten policy.
As we all know, this is a particularly challenging environment given the supply chain issues and geopolitical conflict in Ukraine. With people now paying over $5 a gallon for gas and with the rising cost of food, you would generally have a Fed policy that makes it easier for people.
It is however not that simple. These global challenges have injected very significant amounts of volatility into the markets. Some people think that rates will go up in the short term. You have others who think we’re going into a recession because Americans can’t afford to pay a higher cost of living. Therefore, the future state of the world at this time and the flow of goods are very unknown.
How does a person in charge of a large investment portfolio make decisions in this type of environment?
My approach is to be overly sensitive to your shortcomings and blind spots. You have to be humble and admit that you don’t know everything. Stick with things you understand and avoid areas where there is a lot of uncertainty.
What are some of the trends BNY Mellon is most excited about in the future of capital markets?
We are strongly focused on digital transformation and cutting-edge technologies: blockchain, AI and machine learning. We are building the industry’s first platform that seamlessly connects the custody, execution and administration of digital assets to traditional assets.
We also recognize transparency around ESG as a top priority for the financial world. To this end, we have launched an innovative cloud-based ESG data analysis application.
This is a unique moment in financial history, and we now see the time to adapt and help guide the next chapter of the financial industry.
Tell us something we may not know about you.
Besides playing pickleball or basketball, I also have a little LEGO habit that has turned into something very meaningful and special. I’m a trustee of a charity called Fairy Bricks, which donates LEGO sets to hospices and hospitals, brightening the lives of sick children. From humble beginnings and a single hospital donation in 2012, we now aim to deliver LEGO to over 200 hospitals across the UK and 26 other countries a year. In fact, we are finalizing some details to send nearly 20,000 LEGO sets to refugee families in Europe.
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