The Federal Reserve looks set to start winding up its quantitative easing (QE) programme later this year. Meanwhile, there is little evidence as yet that the new governor of the Bank of England, Mark Carney, will crank up the printing presses again. So although the Japanese may still have their foot firmly on the monetary accelerator, it looks as if the markets are going to have to get used to a world where central banks are not constantly throwing billions in freshly minted bank notes at them. That’s why bond yields have started to spike up, gold has [...]
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