Why This Wind Down Is Different.

Why This Wind Down Is Different.

On of the the key questions headed into 2018 is obviously how markets will react to more Fed hikes and the ECB taper. The consensus is that still subdued inflation will give central banks just the excuse they need to keep the forward guidance dovish enough to ensure there's not a disorderly unwind of the bond trade. Policymakers are engaged in a 24-7/365 effort to keep the risk of such an unwind infinitesimal. That's a tightrope walk that requires constant communication with market participants
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