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The end isn't nigh

Central bank challenges as the era of cheap money enters a new phase

Almost five years since the US Federal Reserve embarked on its first quantitative easing (QE) programme of asset purchases in response to the global financial crisis, investors are worrying what will happen when the Fed and other major central banks eventually turn off the liquidity taps. This report assesses the outlook for monetary policy in the major economies in the next few years, and asks whether market jitters concerning the return to more normal levels of liquidity and higher interest rates are justified.

Our answer: the era of cheap money is not over yet, no matter what financial markets are pricing in; and while further volatility lies ahead, most economies should cope with the adjustment.


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Published on June 14th 2013



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The Economist Intelligence Unit 2013