“Let’s not forget rate rises are confirmation that things are getting better, and we do not expect the US economy to miss a beat in the face of those rate rises.”
He added that even in the event of an economic crisis it is likely that the world’s financial policymakers would respond strongly to calm markets.
“Strong democracies have developed robust institutions that moderate and implement policies that get through crises,” he said.
“You see it again and again in the UK when we get ourselves into the most amazing pickles but the institutions of government step in and the machine cranks up and gets us through.
“There is pragmatic application of policy. And we shouldn’t underestimate that.”
