ECB Will Cut QE In Half, But You And Draghi Can Still Netflix And Chill For 9 Months

Define: "normalization." The thing about DM central banks rolling back accommodation is that they are so far down the rabbit hole at this point that climbing back out and thereby returning to a state of affairs that can be appropriately characterized as "normal" would take years if not decades. The reason it would take so long to return to some semblance of normalcy has as much to do with how the market would react as it does to how large the balance sheets are. And indeed the market's anticip