Checking a central bank rescue job

Central bank printing presses may be keeping bond market vigilantes under control, but we're in uncharted waters when it comes to monetary policy.

In economic policy nowadays, the unthinkable suddenly becomes the inevitable, without pausing for long in the realm of the improbable. Nowhere has this been more true than in central banking, where the recent huge expansion in the size of balance sheets would have seemed inconceivable as recently as four years ago.

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