Central bank balance sheet sheets are moving for different reasons, but in the aggregate are not shrinking
Not all balance sheet expansions are equal
Andrew Haldane suggests inflation targets might be temporarily suspended; the targets are already flexible, it's the implementation that's flawed.
Confidence tanked in 2022 as the "misery index" increased. This is about to change.

February 2023

Jan. CPI came after seasonal adjustment revisions to end-2022 but confirmed underlying inflation strength
To stortingsvedtak vil fikse kronen, redusere inflasjonen og støtte Europas energiomstilling
Two parliamentary decisions will fix the NOK depreciation problem, reduce inflation, and support Europe's energy transition
The EU-Poland tension is escalating, and the election in the autumn is now of crucial importance to both Poland, the EU, and even global geopolitics.
Further supply cuts are a risk to the outlook still in 2023
Monetary tightening works faster when household mortgages reset quicker
Monetary policy is under the cosh. Where did it all go wrong?

January 2023

From War in Ukraine to Stalled Nuclear Talks - Iran & the Limits of Status Quo