How far can central banks fire?

Current central bank easing programs are likely to rival those we saw post-Lehman. But we need to consider the consequences of such hefty balance sheet increases.

The financial markets are becoming ever more dependent on the continuing willingness of the central banks to use their balance sheets to rescue the global economy. The central banks are not flinching from their task. In fact, they are in the process of firing their second barrel of quantitative easing at the global crisis. It could prove to be as large as the first barrel in 2008/09.

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