皇冠官方appwww.hg108.vip)是一个开放皇冠官方代理APP下载、皇冠官方会员APP下载、皇冠官方线路APP下载、皇冠官方登录APP下载的官方平台。皇冠体育官方APP上最新登录线路、新2皇冠官方网址更新最快。皇冠体育官方APP开放皇冠官方会员注册、皇冠官方代理开户等业务。

Balancing act: City workers are seen passing the BoE building in London. The central bank has made it clear that it intends to retain a sizeable bond portfolio. — Bloomberg

CENTRAL banks are about to start withdrawing the stimulus they’ve pumped into their economies by buying bonds.

For the Bank of England (BoE) in particular, reducing its balance sheet while simultaneously raising interest rates takes monetary policy into uncharted territory.

Policy makers could quickly find themselves in the crosshairs, blamed for exacerbating the economic slowdown they’ve forecast.

The UK central bank, already well into its interest-rate hiking cycle, is about to accelerate the contraction of its £863bil (RM4.7 trillion) quantitative-easing (QE) portfolio.

In March, it stopped reinvesting maturing debt.

After its Sept 15 policy meeting, it plans to start selling gilts into the secondary market.

The trouble is, because the past 13 years have seen nothing but more and more QE.

The first was in the wake of the global financial crisis and then to keep growth alive during the pandemic.

Nobody knows the economic impact of taking away £80bil (RM433bil) of central bank liquidity annually.

The BoE has been very careful to draw a distinction between its main policy tool of interest rates, and this supplementary measure of so-called quantitative tightening (QT).

While it says it doesn’t expect QT to have much influence on monetary conditions, in reality it’s guessing.

,

erc20和trc20转换www.u2u.it)是最高效的erc20和trc20转换的平台.ERC20 USDT换TRC20 USDT,TRC20 USDT换ERC20 USDT链上匿名完成,手续费低。

,

If liquidity in the banking system dries up, this could very easily become a political football.

These are dangerous waters: the Federal Reserve’s (Fed) first two attempts at QT had to be stopped and, ultimately, reversed.

How smoothly the BoE can run down its balance sheet without provoking a bond-market tantrum remains to be seen.

This is especially so since the Fed is also trying to offload US$95bil (RM422bil) a month from its US$9 trillion (RM40 trillion) balance sheet.

One thing for sure is that getting central bankers to put a number on the effect of unwinding their bond holdings, in equivalent terms to a change in official interest rates, has proved elusive.

The most specific QE calculation came from former BoE governor Mark Carney.

In a January 2020 speech, he said the central bank estimated that every £25bil (RM135bil) of bond purchases had the same affect as 25 basis points of rate cuts.

Fed chair Jerome Powell, at his May 4 press conference, estimated that US$1 trillion (RM4.44 trillion) of QT equates to a single 25 basis-point rate hike.

That disparity speaks volumes about the slipperiness of the prognosis.

The BoE will also dispose of its £19bil (RM103bil) of corporate bonds by April 2024.

That may not sound much compared to the enormity of the BoE’s gilt holdings, but it may cause aftershocks in the sterling investment-grade credit market, as that equates to two-thirds of the annual volume of corporate new issues.

Allbet Gaming声明:该文看法仅代表作者自己,与www.allbetgame.us无关。转载请注明:erc20和trc20转换(www.u2u.it):Bank of England takes US$100bil leap into the unknown
发布评论

分享到:

澳洲幸运5开奖网(www.a55555.net):Ismail Sabri not distracted by party, politics
1 条回复
  1. 怎么购买USDT(www.usdt8.vip)
    怎么购买USDT(www.usdt8.vip)
    (2022-09-18 00:10:07) 1#

    UNDERGRADUATES are protesting to pressure the government to address cost of living issues and not for any opposition party, students’ groups said.喜欢作者的扣1

发表评论

◎欢迎参与讨论,请在这里发表您的看法、交流您的观点。