Quantitative easing: a never-ending story?

US Federal Reserve

The US Federal Reserve has become the second major central bank in recent history to start reducing the size of its balance sheet after embarking on large-scale asset purchase programmes. Since 2017 – a decade after it first started buying up agency mortgage-backed securities and Treasuries – the Fed has shed $600 billion of assets from its balance sheet.

Its move to reverse what is more commonly called quantitative easing (QE) is being closely watched by other central banks. The European

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