Janet Yellen’s remarks about the case for reconsidering the Fed’s inflation target have generated some attention this week. But in practice, there is little prospect of the inflation target being...

Even though the US Fed will start to reduce its asset holdings, probably in Q4, global monetary conditions are set to remain accommodative for a while yet. Meanwhile, growth in bank lending in...

It is often assumed that monetary policy is highly accommodative simply because nominal interest rates are very low. But if the neutral real interest rate has fallen, monetary policy may not be as...

The Fed’s decision to raise interest rates again yesterday does not change the big picture that global monetary policy will remain highly accommodative. We expect policy rates to stay close to zero in...