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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
Central banks have rattled bond markets, but fears of a radical new regime are overdone
Outlook is still unclear but justification for emergency support is weakening
Central bank chief declares ‘clear progress’ on US labour market in speech at Jackson Hole
It is rash to pretend that withdrawal of support for bond markets will be straightforward
Government says it may cut back on issuance in November amid easing borrowing needs
FOMC could begin debate as early as this week on shrinking $120bn monthly asset purchase scheme
Conservative policymakers urge central bank to lay ground for tighter monetary policy
Recent rises in interest rates have been out of line with economic fundamentals and Fed guidance
Jay Powell, of all people, is haunted by the ghost of past monetary policy mistakes
Dovish comments from Federal Reserve chairman fail to halt increase in Treasury yields
Monetary stimulus is necessary but cannot do all the work
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