Where Next For Monetary Policy?

The unveiling of tools of unlimited power

ERIC LONERGAN, PORTFOLIO MANAGER, EPISODE MACRO FUND, M&G INVESTMENTS
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Recent shifts in policy direction by global central banks may prove to be profound. Since the financial crisis, most major central banks have responded to weak growth with ever lower rates or further bond buying. Today, a consensus may be emerging that these are the policies of the past. Not only this, but both the Bank of Japan and the ECB appear to be conceding that they are in fact self-destructive.

To some extent ultra-easy monetary policy has been successful in averting the worst...

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