Results for QE
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Challenging Week Ahead

July 31, 2021
Three macro considerations are shaping the investment climate: the evolution of the virus and the response, the timeframe of the Fed's tapering, and China's broad regulatory crackdown. Beijing's new policy initiatives are broader and quicker than generally anticipated.  Officials seem to be opening up several different fronts, includin…
Challenging Week Ahead Challenging Week Ahead Reviewed by Marc Chandler on July 31, 2021 Rating: 5
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FOMC: Words not Actions

June 12, 2021
The Federal Reserve's Open Market Committee meeting is the most important event in the week ahead.  It is not that it will take fresh policy action.  Rather its observations about the economy and its forward guidance are the focus.  Since the Fed last met in April, job growth has slowed, and prices have accelerated.  Job growth averaged 661k a…
FOMC: Words not Actions FOMC: Words not Actions Reviewed by Marc Chandler on June 12, 2021 Rating: 5
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ECB, Bank of Canada, and the Peak in US CPI Base Effect

June 05, 2021
The media has played up the upcoming ECB with all the Sturm und Drang that can be mustered. However, investors and other market participants seem considerably less anxious.  And for a good reason:  at the end of the day, it does not really matter that much.  Since the ECB stepped up its bond purchases, the euro, yields, and premiums over Germany h…
ECB, Bank of Canada, and the Peak in US CPI Base Effect ECB, Bank of Canada, and the Peak in US CPI Base Effect Reviewed by Marc Chandler on June 05, 2021 Rating: 5
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Inflating Inflation Expectations

December 30, 2020
Rising prices feature in many economic forecasts for the US.  It is seen as part of the reflation meme as the vaccines roll out.  There seem to be three threads to the discussion.  The first is practically mathematically certain.  Economists refer to it as the base effect.  As the pandemic struck and the economy shut down, prices fell.  Headline C…
Inflating Inflation Expectations Inflating Inflation Expectations Reviewed by Marc Chandler on December 30, 2020 Rating: 5
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QT is not the Opposite of QE

February 13, 2019
The Federal Reserve has long been clear on the sequence of events as it innovated the playbook during the Great Financial Crisis. There would be a considerable period between when the Fed would finish its credit easing operations that involved purchasing Treasuries and mortgage-backed securities (MBS) and its first-rate hike. The normalization cyc…
QT is not the Opposite of QE QT is not the Opposite of QE Reviewed by Marc Chandler on February 13, 2019 Rating: 5
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If QE was Mostly Placebo, What about the Unwind?

November 16, 2017
During the Great Depression, countries discovered their balance sheets.  Fiscal spending helped augment aggregate demand.  After the WWII, high income countries have typically run persistent deficits, resulting in the accumulation of debt.  
During the Great Financial Crisis, central bank balance sheets were discovered.   Central banks bought a var…
If QE was Mostly Placebo, What about the Unwind? If QE was Mostly Placebo, What about the Unwind?  Reviewed by Marc Chandler on November 16, 2017 Rating: 5
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