Why QE will be back

The wealth effects expected from QE haven't emerged, but in the process central banks have gotten themselves into a position where they have to expand their balance sheets to keep confidence in the market.

The Federal Reserve’s quantitative easing ended last week, not with a bang, but a whimper, and then – surprise of the week – the Bank of Japan picked up the QE baton and on Friday the markets went off – not with a whimper, but a bang.

The BoJ’s announcement that it will increase the growth rate of Japan’s money supply from ¥70 trillion to ¥80 trillion a year was prompted by concern that “inflation expectations” are too low.

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