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Quantitative Tightening, as envisaged by the Fed, implies an equivalent, and ultimately sizeable, reduction of bank reserves on the liability side of the Fed’s balance sheet. However, changes in monetary aggregates have little impact on the real economy or inflation. … Continue reading
As global economies recover, central banks are shifting towards ‘normalising’ their bloated balance sheets. Given the scale of the previous build-up, many investors fear that this could be hugely disruptive to markets. Yet, this is unlikely. The Fed’s balance sheet … Continue reading