The yen carry trade is a symptom not a cause of investor anxiety
The international success of quantitative tightening strengthens the case for money printing
And the case for slow QT
Officials raise end of balance sheet wind-down at December meeting
Pandemic-era €1.7tn stimulus programme had been due to wind down by end 2024
Easy money has not bred the undead
Bloated balance sheets need to come down without endangering financial stability
And more on consumer confidence
The former head of the New York Fed on macro lessons, monetary policy and the coming US fiscal crisis
Central bank will continue shedding Treasuries at a time of significant US government borrowing
Returns confound expectations that ECB monetary tightening would hurt more fragile eurozone members
Obsessively watching the Fed is one thing but Tokyo and Beijing matter too
While commercial lenders change behaviour when the balance sheet expands, they do not change it back when it shrinks
What will Ueda do?
While the Fed is reducing its bond-buying programme, it is still providing stimulus via other means
Investors are keeping a close eye on areas ranging from US Treasury market illiquidity to Japanese government debt
The eurozone’s central bankers will begin discussions this week, as well as raising rate by a likely 75 basis points
Impact of quantitative tightening adds to concerns as liquidity continues to fall
Deciphering the mixed signals of monetary policy
Central banks are starting to shrink their balance sheets, but fund managers say they have no clue as to how QT will play out
The next step in the European monetary and political experiment has to be more radical than the last
‘Quantitative tightening’ will mark profound shift after years of large-scale asset purchases
Scottish Mortgage and ‘Tiger cub’ Maverick Capital among funds nursing steep 2022 losses
Central banks have begun the slow process of normalising monetary policy
Central bank plans ‘taper’ of bond purchases as US economy contends with surging inflation
