How fast? And when might HM Treasury's indemnity be triggered?
Special Drawing Rights (SDRs) failed to deliver global liquidity post-Bretton Woods; a crypto-revamp could revive the SDR and help support climate goal…
and
US external accounts adjust to the liquidity needs of the global economy
Does the pandemic mark the beginning of a new regime of balance sheet activism by EM central banks; or was the pandemic intervention only a one off?
and
The Bank of England looks set to enter an experimental phase of quantitative tightening. But will others follow?
The expansion of securities settlement that has accompanied QE is seldom remarked upon, but could be reshaping the financial landscape
With limited seigniorage revenue and ongoing BOP pressures, El Salvador's historic decision to make Bitcoin legal tender reflects macroeconomic fundame…
and
After exceptional policy support during the pandemic, there are early signs that DM central bank balance sheet expansion is slowing; but what happens n…
German and Italian history reveals evolving institutional structures and central banking models; ongoing changes at the ECB are only the latest manifes…
Some observations on "stealth intervention," bank net open FX positions and the mysterious recent surge in Chinese banks' FX reverse repo activity
Official comments are not the whole story. The data show more direct and indirect intervention (again).
, , and
As a narrative and in the hard money flow things are evolving fast