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What is ‘normal’?

In a post quantitative easing (QE) world, central bank balance sheets in many countries have expanded to extreme levels, while many commentators have despaired that these balance sheets will never return to ‘normal’ levels again. Andrew Mulliner, Portfolio Manager Global Bonds, asks: just what is ‘normal’?

What is ‘normal’?

What is ‘normal’?

In a post quantitative easing (QE) world, central bank balance sheets in many countries have expanded to extreme levels, with little hope of their size decreasing back to levels that prevailed before the financial crisis. Many commentators have despaired that central banks’ balance sheets will never return to ‘normal’ levels again. But what do we mean by a normal level of central bank balance sheet? Andrew Mulliner, Portfolio Manager Global Bonds, asks: just what is ‘normal’?

Quick view: BoE stuck in the mud

Quick view: BoE stuck in the mud

Oliver Blackbourn, a portfolio manager on the UK-based Multi-Asset team, discusses the Bank of England (BoE)’s decision to keep interest rates on hold despite a deteriorating economic backdrop.

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