9.7.21 Global Monetary Policy and What Likely Comes Next
The Covid-19 pandemic was an unprecedented shock to a large majority of global economies. But the economic damage was met with an extraordinary global monetary response with the Federal Reserve (Fed), European Central Bank (ECB), the Bank of Japan (BOJ) and the Bank of England (BOE) all providing emergency levels of monetary accommodation. As seen in the LPL Research Chart of the Day, central bank balance sheets have grown by $10 trillion since the start of the pandemic and are currently at $25 trillion for the Fed, BOJ, ECB and the BOE, combined.
While we are hopefully past the peak of the pandemic, monetary accomm
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