On Friday in “The Ghosts Of Central Banks Past And Future,” I outlined the history of recent QE measures by the ECB, the Fed, the BOE, and the BoJ (using a table from Goldman) before presenting readers with a thorough rundown of what’s ahead for the world’s central banks in 2017.
I thought this was an ideal time to take a look back (and ahead) as it appears that at least some of the world’s monetary authorities are set to test the waters in terms of backing off ultra accommodative policy.
The Fed, for instance, is looking to normalize policy before the incoming Trump administration gets a chance to see what happens when you try and squeeze every last bit of juice out of an economy by implementing fiscal stimulus at full employment, while the ECB, along with the Riksbank, is set to taper QE.
Who knows how all of this will ultimately turn out (my guess is they’ll be all kinds of potholes and speed bumps along the way), but as we get set to begin the process of unwinding this multi-trillion-dollar experiment, it’s worth noting that there’s a lot of accommodation still in place.
Below, courtesy of Goldman, find a quick reference guide to existing stimulus measures (maybe you can memorize the figures and impress your friends at holiday parties):