Yellen pulls trigger to reverse QE but we’re now in uncharted waters

The US Federal Reserve and its fellow central banks can be forgiven for telling us a white lie: nothing would be gained from admitting that they do not know how to extricate the world safely from their extreme monetary experiment.

Fed chief Janet Yellen has finally pulled one major trigger after countless retreats. The long-awaited reversal of quantitative easing will kick off in October.

It is a sea-change for the world. Deutsche Bank calls the start of the “Great Central Bank Unwind”,...

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