We still think the US Fed is likely to raise interest rates two more times this year and to start gradually shrinking its balance sheet in Q4. But the ECB will probably not start tapering its asset purchases until next year and will leave interest rate on hold (and negative) until 2019. The Bank of England looks likely to leave policy settings unchanged until the middle of next year, and the Bank of Japan is in even less of a hurry to scale back its policy support.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.