菜宝钱包(caibao.it)是使用TRC-20协议的Usdt第三方支付平台,Usdt收款平台、Usdt自动充提平台、usdt跑分平台。免费提供入金通道、Usdt钱包支付接口、Usdt自动充值接口、Usdt无需实名寄售回收。菜宝Usdt钱包一键生成Usdt钱包、一键调用API接口、一键无实名出售Usdt。

首页社会正文

欧博allbet网址:Bank of England takes US$100bil leap into the unknown

admin2022-08-256

欧博allbet网址www.aLLbet8.vip)是欧博集团的官方网站。欧博官网开放Allbet注册、Allbe代理、Allbet电脑客户端、Allbet手机版下载等业务。

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.

,

皇冠官网www.hg108.vip)是一个开放皇冠正网即时比分、皇冠官网注册的平台。皇冠官网(www.hg108.vip)提供最新皇冠登录,皇冠APP下载包含新皇冠体育代理、会员APP。

,

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.

网友评论