No Escape ‘Velocity’.

Over the course of this year's dovish pivot from global central banks (reinforced "bigly" on Thursday by the ECB), one key question raised by a number of skeptics revolves around the notion that monetary policy is inherently constrained by the fact that the normalization effort is still in its infancy. While the Fed has succeeded in dragging rates off the lower bound, other central banks are still mired in NIRP and balance sheets are still bloated across the board. The "ammo" question is one o