Despite the recent sell-off in peripheral European bond markets, we still expect the Fed to raise rates again tomorrow and the ECB to announce at its meeting on Thursday its plans to bring its asset purchases to a close by the end of the year. With the Fed shrinking its balance sheet and the BoJ soon to be the only central bank with a bond-buying programme among the major economies, “global” QE is on course to end in Q4 this year. Meanwhile, money and lending continue to expand steadily.
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