The Federal Reserve’s efforts to tighten policy through rate hikes and the run-down of quantitative easing have, if anything, achieved the opposite effect, according to the Bank for International Settlements.
The BIS’s latest quarterly review, published on December 3, highlights a “paradoxical” easing of financial conditions accompanying the tightening of US policy instruments.
In remarks to journalists, Claudio Borio, head of the monetary and economic department at the BIS, noted the Chicago
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