Reader Gary emailed a link to JP Morgan’s Quarterly Market Guide. Here are a pair of charts from page 19 that caught my eye. 

Central Bank Policy Rates

Current Rates

  • Bank of England: 0.50%
  • Bank of Japan: 0.10%
  • Fed: 0.00%-0.25% (currently 0.14%)
  • ECB: 0.05%

    • Central Bank Balance Sheets

    Three Questions

  • Other than asset bubbles, what do we have to show for this?
  • Will the ECB follow Japan to “Nirvana”?
  • When do asset sheet balances approaching 100% of GDP matter?
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