皇冠体育寻求亚洲战略合作伙伴,皇冠代理招募中,皇冠平台开放会员注册、充值、提现、电脑版下载、APP下载。

首页社会正文

皇冠网址(www.hg9988.vip):Bank of England takes US$100bil leap into the unknown

admin2022-09-238

Telegram游戏机器人www.tel8.vip)是一个Telegram群组分享平台。Telegram游戏机器人包括Telegram群成员导出、telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组(其他)、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容。Telegram游戏机器人为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。

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.

,

皇冠网址www.hg9988.vip)是一个开放皇冠网址即时比分、皇冠网址代理最新登录线路、皇冠网址会员最新登录线路、皇冠网址代理APP下载、皇冠网址会员APP下载、皇冠网址线路APP下载、皇冠网址电脑版下载、皇冠网址手机版下载的皇冠网址平台。

,

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

1条评论
  • 2022-09-23 00:09:25

    至于券商方面,提供「11免」优惠兼以1股苹果作为迎新优惠的富途示意,住手昨午5时,该行共接获逾3,700名客户认购iBond,总认购金额逾两亿元。提供「11免」优惠的耀才称,该行有近7,500人认购iBond,总认购金额近4亿元,普遍认购3至5手,住手昨日最高认购手数为20手。 怎么样怎么样

热门标签