Central Banks Are Reinstating The Fourth Wall

Central banks may be reinstating the fourth wall. Following Janet Yellen's decision to postpone liftoff at the September 2015 FOMC meeting amid market upheaval triggered by China's overnight devaluation of the yuan the previous month, Deutsche Bank's Aleksandar Kocic described a sea change in monetary policy. "The Fed decision showed that when everything fails, common sense remains the best guide. And common sense prevailed," he wrote, adding that, This changes everything. Power relations hav